That kind of goes along with the Unitarian/Universalist denomination, and some of the others that take "liberal interpretation" to an extreme.
Another trend of this philosophy is the "Jesus Seminar" which has grown into an attempt to introduce this interpretation into mainline Protestant and Catholic congregations. Their premise is that Jesus never claimed to be the Son of God, and that the Virgin Birth and the Resurrection of the Body are unreasonable and therefore pooh-pooh. They think that by de-deifying Jesus, they will make him seem more likable and attractive, when in reality, it would probably mean the death of Christianity, as a local Episcopal priest recently put it.
I've read a lot on the Jesus Seminar and the groups that push it lately; it doesn't seem to be going over as well as they thought it would when even liberal Christian theologians at Duke and Oxford have rebutted them quite well.
I agree with you, though; it doesn't pass my litmus test for Christianity; it basically turns Christianity into nothing more than literature, or at best, philosophy.
~U2Alabama