I find it stunning, this statement. Already, it dispells widely held misconceptions of Catholic belief. From this prayer alone, we can conclude that:
1) The Catholic Church views Scripture as vital and meaningful for the instruction and direction of their faith.
2) The Catholic Church does not view Mary as Redeemer of mankind, nor as equal to the nature of God.
3) The Catholic Church does not view the Pope or/and the priests as Redeemer of mankind, nor as equal to the nature of God.
And then, Section I:1 of the Prologue reads:
Again, beautiful. Already we see the appropriations of the Trinity, or the different operations given to the three persons in one nature/substance of God. We see God initiating salvation by drawing close to man. And to accomplish such a salvation, God sent his Son as Redeemer and Savior, that in the Holy Spirit we would be placed into an inheritance of eternal life as children of God. And that it is all done out of His goodness.
This is an important agreement. It means that Protestants cannot view Catholics in the same manner that they can view Mormons. The nature and operations of God are believed to be the same between both P's and C's. How many times have I heard, in the same breath, both Catholicism and Mormonism given as examples of cults. Catholicism and Mormonism are not the same, not even close.