The term Baptismal Regenerationist was originally used of the Anabaptist who required that believers be baptized again if they were sprinkled as a baby. Today when called a "Baptismal Regenerationist," the person giving the accusation isn't referring to a second baptism at all, but to an allegedly wrong motivation for a first baptism. So, for the sake of accuracy, if I am to be impugned I would prefer “Water Regenerationist” as the implication is that I believe salvation's power is in the water.
I admit I do believe that one receives the Holy Spirit at Baptism (Acts 2:38), thus the reason for the accusation from those who believe in "faith alone.” Let me point out though, that it was Luther who added the word "alone" in his translation of Romans.
Please hear me, I do NOT believe in salvation by works or water, and I don’t downplay faith. Actually, I believe in a faith strong enough that one would immediately do what they are commanded by Jesus to do and be baptized. This is not to say that the act of baptism replaces Jesus' work on the cross, or the water equals the blood of Jesus. No, actually we identify more closely with Jesus on the cross, as we die with Him in baptism (Rom 6:3-5).
There is a misnomer that one has to draw a hard line between when one believes and when one gets baptized so as to not teach salvation by works. I would contend the early church didn't waste time on such debates. If we could ask them "At what point is a person saved?" we wouldn't see them quibbling over the moment when a person asks "What shall we do?" (Acts 2:37) and when they get baptized (Acts 2:41).
Our modern Baptismaphobia is birthed upon a misunderstanding of Abraham's faith. Paul wrote, “He believed God and it was reckoned to him as righteousness” (Rom 4:3). If so, what type of faith was it? Was it just mental assent, saying "I agree" or rather a belief that prompted action like "I obey"? The demons believe more than all of us, yet they do not follow the one true God (James 2:19).
All we “Water Regenerationist” are trying to tell the "faith alone" world is this: If Abraham, who believed God, had stayed in Haran, he would not have become the father of many nations. He had to get on his camel and head toward Canaan. One can't just “agree” with God but rather one must “follow” God and that is real saving faith. For instance, the kind that gets baptized immediately upon profession of that faith (Acts 8:37). The only thing that stops this Biblical process from happening are theologians over thinking the obvious practice of the New Testament church.
Today the church has concocted new methods of accepting Jesus, most notably the "sinners prayer" with baptism done later (or not at all). All because of an irrational fear that a convert may think that baptism may have some kind of connection to their salvation. So what if it does? Rom 6:3-5 is just as much a part of the salvation process as Rom 10:9-10. One should take note of the practice of the New Testament church:
And now why are you waiting? Arise and be baptized, and wash away your sins, calling on the name of the Lord.’ (Acts 22:16)
Known as an expert in all he surveys, he freely shares his opinions on politics, science & theology using diatribes based upon careless research from tertiary sources that presupposed what he thought in the first place.