Al Mohler asks the question on his website in light of yet another Episcopal priest entering into the Church.
He says that it isn’t and I say that it isn’t, but for two very different reasons. Mohler believes that as long as sola fide is preached, the Reformation is there. He says that:
But is the Reformation on its last gasp? Not where the Gospel is prized and preached. Not where a repudiation of justification by faith alone is known to be a repudiation of the Gospel itself — and to be a heresy that has lasted far more than 500 years.
The last point is confusing – as if 500 years of existence means an idea is no longer heretical. Can you imagine clerics of the 9th century saying, “Way to go Arianism, you made it!! Let’s drop this whole ὁμοούσιος business!”? I cannot. Secondly, the Reformation will continue as long as people believe they are their own hermeneutical authority. So long as people are fully convinced that they can, outside of the context of the historical community which Christ Himself founded, interpret the Scriptures rightly, the Reformation will continue.