The Catholic Church is very explicit regarding mormonism - it does not consider it to be a Christian faith and will not accept their baptism. It is not so much an 'imperfect' understand of God, but a false belief in a 'god', one among many other 'gods'.
“The Catholic Church...does not consider it to be a Christian faith and will not accept their baptism.”
Just curious - what other faith group does the Catholic Church accept the baptism from? Quakers, Lutherans, Methodists, etc.? Any of the mainstream groups?