Though I don't dispute the importance of the Reformation in Church history, I feel that using the term "Protestant" to refer to those who disagree with the Catholic Church to be detrimental. It makes our faith appear to be more about what we don't believe than about what we do believe. As an anecdotal example, I once knew a young Catholic man who, following Theological discussion, would often fall back on "it's a shame the Reformation caused such divisions".
The Reformation happened in the 16th century, before which time no one was "Protestant". What do we call the Christians who existed between the completion of the book of Revelation in 95 A.D. and the Edict of Milan in 313 A.D.? (Note that I'm not saying the Edict marks the origin of the Catholic Church, but that Catholicism didn't exist before then).
Acts 11:26 gives us the answer. The disciples stayed in Antioch for a year, where they were called Christians. They weren't called Protestants, because the Catholic Church had yet to rise for Christians to protest. They weren't called Lutherans, Luther hadn't been born yet. They were called Christians, not because they were protesting a corrupt Church, but because they were preaching the death and resurrection of Jesus Christ.
With respect to Mormons, we call ourselves Christians. We protest the Mormon Church just as we protest the Catholic Church, but we don't call ourselves Protestants with regard to Mormons. I contend that we should be grateful to those who gave even their very lives to bring Christianity to the layman who didn't speak Latin, or the original Bible languages, but that if we claim the faith of the Apostles, we should use the name they were given. That name is "Christian", and so I cannot bring myself to unironically identify as a "Protestant".