The real sticking point between LDS and Evangelicals is not whether we are saved by grace (both affirm this) but whether we are saved by grace alone, that is, without individual, personal involvement or participation. Latter-day Saints find “salvation by grace alone” to be unbiblical and, borrowing C. S. Lewis's analogy, like cutting cloth with only half of the scissors.
The real sticking point is not what the LDS think of Christ and his gospel, but rather the different ontological frame or view of the nature of the universe into which Mormons fit the gospel … It is this broader doctrinal framework into which the Latter-day Saints place the basic gospel of Christ, rather than the LDS understanding of the gospel itself, that generates the most opposition from non-Mormons.”