I believe that the Episcopal Church adheres to the Reformation interpretation of salvation through grace alone by faith alone.
Other than that they are almost Catholic. I can almost smell the incense now.
Well anyway...
Anglican Article XI
Of the Justification of Man
We are accounted righteous before God, only for the merit of our Lord and Saviour Jesus Christ by faith, and not for our own works or deservings. Wherefore that we are justified by faith only is a most wholesome doctrine, and very full of comfort; as more largely is expressed in the Homily of Justification.
http://en.wikipedia.org/wiki/Sola_fide
http://en.wikipedia.org/wiki/Thirty-Nine_Articles
http://www.pragmatism.org/american/church_polity.htm
Only by true conversion can one join the brethren as described in 1 John 2:19 and 3:14. For the Episcopalian this is at least possible since that are at lest somewhat likely to hear the Gospel from the pulpit. But that church is so liberal now even that's unlikely.
And without the true Gospel it is now quite impossible to get saved. Romans 1:16 says clearly "it (singular) is the power of God unto salvation to everyone that believes." Catholics don't believe at all. If they do, according to the Council at Trent, they are no longer Catholics. They are better described by Paul in Rom. 10:2-3.
