Nietzsche on Martin Luther

I've been having to research Nietzsche a bit lately, and I came across the following quote about Luther, which I thought I'd share and get your thoughts on it (if you have any). In the context of his impugning Christianity and showing utter disdain for the apostles and the New Testament they produced, Nietzsche quickly jumps ahead in history all the way to Luther, and says

Luther's resistance to the mediating saints of the Church (in particular, to 'the Devil's sow, the Pope') was, there is no doubt, at bottom the resistance of a lout frustrated by the good etiquette of the Church, the reverential etiquette of hieratic taste which admits only the more initiated and more silent into the holy of holies and bars it to the louts. Here of all places these louts were to be refused a say once and for all—but Luther, the peasant, wanted things to be completely different, they did not seem sufficiently German to him in this form: he wanted above all to talk directly to his God, to talk to Him for himself, to talk to Him 'without airs and graces'. . . Well, this he did.—The ascetic ideal, as one may surmise, has never been a school of good taste, even less of good manners—it was at best a school of hieratic manners—: this is because its composition includes something which is a mortal enemy of all good manners—lack of moderation, aversion to moderation, it is itself a 'non plus ultra'. {source: Genealogy of Morals, III:22, trans. by Douglas Smith, Oxford, 1997}

What do you think? Insightful? Idiotic? More ramblings of an authentic atheist, albeit a rather clever one?