True, but it's largely just a few differences that they specified in the Pearl of Great Price. They do not believe, for example, that the story of Noah's Arc was caused by a mistranslation.
The bigger problems would be other religions that believe it may not have been literal, or that it may have been a mistranslation (I've heard it suggested that they had the same word for "land" and "world", and the flood was actually much more localized.)
Or that "40 days" is a linguistic construction meaning literally "a long freaking time". :P No, it's not just a few differences in the PoGP. It's basic errors that are quite evident - prolific, even - in the Bible. If every Christian sect read the Bible the same way, why would there be different sects? No, just because they all "believe the Bible" doesn't mean you can use "the Bible" as one node in your network.
In this comment thread, I gave the following idea, on the topic of a method by which one might judge the Book of Mormon from a rationalist perspective:
I would appreciate feedback on this idea, for an admittedly selfish reason: I am trying to instigate in myself a Crisis of Faith. So, here are the questions I pose to you: