Your first point is correct that there are those that do not fear either judgment. Your second is false because Mormons have many practices that are not sanctioned in the Bible.
Now, I have seen a lot of Mormons on this board that are whining that they are "offended" that they are not being called Christian. Face it, you are Mormon. Why is this a problem? I have many mormon friends and they agree that they are Mormon. WE have excellent conversations about faith. The more we have gotten to know one another, the more different we have discovered our religions are.
What I have discovered about Mormons is that they are excellent Americans, excellent neighbors, fun people to be around and very kind. They are not Christians though.