Friel is correct (at least as far as I've seen) to say that they are more or less orthodox when it comes to theology proper. As far as I know, they aren't denying the Resurrection or the Virgin Birth. But the older liberals, and perhaps especially the neo-orthodox, were often able to hide their views until it was too late. Hopefully there isn't much of that going on yet.
I grew up in the liberal UMC. I know what liberal "Christianity" is. For confessional and conservative men to refer to the more "progressive" people as "liberals" without explaining why just makes them look like a flamethrowing fundy to the undecided. There are serious problems, but as far as I know, the likes of Fosdick or even Barth weren't at the last GA. The issues are more subtle. (I know that some have explained why. But many have not.) Various scandals have also resulted in a loss of credibility.
That being said, with TGC et al making their political views "Gospel issues" it appears that some are approximately halfway down the slippery slope to liberal "Christian" moralism, where working in the soup kitchen is preaching the gospel, even if you are a Hindu or whatever. But just screaming "Liberal Liberal" "Marxist Marxist" and doing little else (which is what some are in fact doing) isn't going to do much good. There probably aren't enough older people who remember what real liberalism is in the SBC and the PCA for that kind of thing to work. (I'm going with the assumption that a lot of those who sacrificed to travel to Southern Baptist Annual Meetings from 1979-1990 to vote for enough conservative Presidents in a row so that the liberals could be removed did so without a whole lot more sophistication than "Those professors don't believe the Bible. I know because Adrian Rogers says so.") Apparently many REs don't see the problem, (which I've seen cited as a reason why some strict subscriptionist TEs haven't been able to take their churches out of the PCA) much less the laypeople.