I'm pretty sure that if you transported Martin Luther to the present day and he watched that, he'd have the same reaction you do, so calling it a product of "the Reformation" is a bit misleading. Come to think of it, Martin Luther probably drank far better beer than most American college students today though.
But anyway no, it didn't go far enough. Now what you see above is what it should've aimed for, not what Luther wanted which was basically somewhat modified Catholicism.
Few people spent more time saying the Reformation had gone too far than Martin Luther. Purely representational communion? Iconoclasm? Adult baptism? What kind of radicals are you?