I actually enjoy reading this kind of invective. This online attack on Luther's teaching on baptism is forthright and energetic in its denunciation of baptismal regeneration. It is refreshing to read a strong unashamed confession of belief.
Mr. Oswald is pretty close to getting Luther right. He simply thinks his teaching is grossly in error. But he is right : Luther does teach salvation in baptism. There is no sense in trying to capture Luther for your side or another unless you deal with the whole Luther.
The essay does a fair job of presenting believer's baptism as well. The contrast is clear.