My point has always been that even though the coC may believe that salvation (by faith) is received at the time of immersion, that doesn't change the fact that they still believe in salvation by faith. The main disagreement seems to be about the timing, not the nature of salvation, something the NT is at best vague about. Now, if someone believes that baptism without faith in Christ brings salvation I would have serious questions about that person's salvation. Also, whether we agree with it or not, given the many verses that certainly seem to indicate that Paul, Peter, Luke, even Jesus percieved baptism as part of conversion, the coC position isn't really that unreasonable and certainly not worth refusing to accept their baptism as valid. We don't accuse persons who think they must say a sinners prayer, or really really repent, or make a public confession of some kind before they are saved of thinking salvation is by works, do we? To assume that misunderstanding the purpose of baptism, given what a gray area it could be, somehow invalidates the baptism, is really being nitpicky and missing the whole idea that it is faith that saves us and not our performance. By the way, some really good baptist scholars like Beasley-Murray and Stanley Fowler more or less think we've got it wrong about baptism, at least as far as what the normal thought and practice was in NT times.