Exactly.
If it were true that if you were not babtized into one religion or another you would go to hell; (which, BTW, is NOT what we LDS beleive) Then most chinese, indian, african, and others that have never even heard of Christ would be toast. I don't beleive in a god that would give them no chance at all.
Remember you are talking to a baptized LDS here too, I know for a fact that LDS does believe that you will not be admitted to the higher kingdoms unless you are baptized Mormon. Of course those that do die before being enlightened, are given an opportunity to except it through proxy baptisms. Then and only then can you be even given that chance.
