Modern Mormonism: Just Another Protestant Sect?

I found the following quotation from Yale professor Harold Bloom in an opinion piece he wrote the other week for the New York Times:

I recall prophesying in 1992 that by 2020 Mormonism could become the dominant religion of the western United States. But we are not going to see that large a transformation. I went wrong because the last two decades have witnessed the deliberate dwindling of the Church of Jesus Christ of Latter-day Saints into just one more Protestant sect.

What do you people out there think? Note: Bloom does go on to charge that Mormonism is "not even monotheistic" and includes "other secrets also, not tellable by the Mormon Church to those it calls 'Gentiles,' oddly including Jews"; he adds that "the Mormon God is not a creator", and he raises concerns about the fitness of any devout LDS politician for office (while also taking some rather mean-spirited cracks at the "anti-intellectual and semi-literate Southern Baptist Convention"). Is Bloom's assessment of the Church of Jesus Christ of Latter-day Saints here accurate and fair?

As you contemplate an answer to that question, worth reading is this reaction to Bloom's piece: "Harold Bloom, Mormons and spleen-venting".

EDIT: More recently, also see James Olson's Times and Seasons post "Why Bloom, et al are wrong" - though with regard to Olson's early endorsement as "succinct and accurate" of Bloom's claim that most mainstream American denominations deviate as strongly from historical Christianity as do both Mormonism and Islam, I must call this not simply wrong but bafflingly wrong.