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The following items are the greatest achievements of the Protestant Reformation (in my personal opinion.)
1.) The Bible sweeps the Earth and is available to be read by anyone who can read.
2.) Reformers question many things, and in turn all of Christianity has to start asking questions and rethinking things. The Protestant Reformation stands as a starting point of less blind acceptance of tradition and practice, and more validation based upon comparison to the Bible and personal revelation from God Himself.
3.) Competing doctrines has tended to make all branches of Christendom more "honest." Prior to the Reformation, there was tremendous corruption at all levels of Christianity, most notably in the Catholic Church. In many ways, this corruption led directly to the Reformation. In the centuries since then, Catholicism has become vastly less corrupt and Protestant religions have most generally avoided becoming corrupt institutions themselves. At minimum, everyone had to keep up good appearances.
4.) Early Protestantism in most of its forms makes the case for simplification of religious practice by placing greater emphasis on the relationship between the believer and God, and less emphasis on the relationship between the believer and the Earthly religious organization. Less emphasis was placed upon physical and temporal things and greater emphasis was placed on spiritual things.

Some of the unfortunate results:
1.) Many people were killed for failure to accept the religion espoused by princes, kings and aristocracy where they lived. Tremendous ill-will from those violent years remains to this day. So many people were victims to religious bigotry in those centuries.
2.) A blessing and a curse at the same time, the tradition arose that "the Bible is God's only perfect word. The Bible contains everything that God ever intended for us to have. If it is not in the Bible then it is false." This was instrumental in bringing into question many Catholic practices that had absolutely no basis in scripture. In numerous cases, the Bible directly contradicted Catholic practices. Unfortunately, the practice of using the Bible as the measuring stick of correctness perpetuated its own myth. It turned the Bible into something that the Bible itself never claims to be: The receptacle of all divine truth, perfect, complete and infallible. Highly unfortunate as it effectively slams the door on God ever revealing anything new to mankind.
3.) The body of Christendom was forever after divided in its theology, doctrines and practices, and it is trapped in a perpetual war of words on the matter. And it sets the precedent that "when disagreement arises, just make your own denomination."

Had the Protestant Reformation never happened, then the Restoration through Joseph Smith would have been almost impossible. Latter Day Saints rightly view the Reformation as the light before the dawn. We are grateful for the efforts and sacrifices of the Reformers and their followers. We do not agree with all of the conclusions drawn by the Reformers, but I think that quite forgivable. They didnt' agree with each other either.