What's So Laudable (or So Lamentable) About the Re-Formation?"

Five hundred years ago, on the 31st October, in the city of Wittenberg, Saxony, a professor and cleric named Martin Luther published a critique on various theological concerns and practices of the Church in his time.   This started the sequence of events now known as The Reformation.

To recognize and learn from this event, Pastor James Pot, minister of Knox, will present a series of five sermons on the theme, What's So Laudable (or So Lamentable) About the Re-Formation?"  The sermons will be based on five slogans used to summarize the beliefs of reforming theologians:  By Scripture alone, by Grace alone, by Faith alone, by Christ alone, and to God alone be all glory. (In the Latin used in the church at the time, these are Sola Scriptura, Sola Gratia, Sola Fide, Solus Christus, and Soli Deo Gloria. and are known as The Five Solas).   

This will be a great opportunity to learn about the basis for a radical change of Christian thought and practice.  What can we learn about the Re-formation of the church 500 years ago?   What kind of Re-formation does the Church need today?