OK, my turn. I'm against it. In fact I'm far from convinced that churches should have tax exempt status in the first place.
Yesterday on a news program I heard something about the catholic church wanting to stop giving communion to people of a certain political stripe... or something to that effect. Maybe someone here knows more about that, since it's a current issue?
The founding fathers in their wisdom realized the importance of freedom of religion AND freedom from religion. They had no intention of the US becoming any kind of theocracy, closet or otherwise; that doesn't mean there aren't some on the fringes who don't GET it.
IMO these matters are not disconnected from the idea of separation of church and state, and I think it is disingenuous to suggest otherwise. OK then... I know everyone agrees with me on that.