This is the Old Testament Passage that most clearly shows that Jesus died in our place as a substitutionary sacrifice for us because of our sins. It shows that Christ was our sin bearer and our sin offering and that His sacrifice justifies us. It's also the passage most often ignored by those who deny Penal Substitutionary Atonement. In other words, it's important.
We will look at how this passage, with the relevant background understanding of the Levitical sacrifices undeniably teaches that Jesus justifies us with a substitutionary sacrifice according to the will of God. I will cover the debate on this passage as well and even get into why the Septuagint (LXX) translation of Isaiah 53 doesn't give us good reason to reject what we read in the Hebrew text.