A great deal has already been written about how dynamic scope is a Bad Thing.
What most people don't like about dynamic scope has to do with its use in compiled languages. newLISP isn't compiled and so many of those criticisms aren't applicable.
Dynamic scope because makes newLISP fast (lexical scope adds a great deal of overhead). newLISP also doesn't need lexical scope because it has ways of doing lexical scope on a need-to-use basis (see the 'letex' and 'expand' functions). Most of the time you don't need to worry about it, and oftentimes dynamic scope is a nice thing to have, too.
So please, do dive into the issue of scope, it's an important one, but do so fully informed about it. At least with regards to newLISP, it's certainly not a show stopper.