His basic point is about immanence; religiosity tends towards nihilism since it posits another life, another world than this one. It then casts judgment upon existence. This is the kernel of resentment towards existence, life, reality, etc., that "poisons" theism from the start. However, it is precisely the spiritual depth, the growth of morality, the desire for truthfulness which religion inculcates and has domesticated the human spirit around which paves the way for that frame of mind which would supplant it -- it is paradoxically in the "name of morality" that we are obligated to re-evaluate it, to critique the morality of moralism itself. In passing I might note that Nietzsche does indicate (and to some degree even praises) the "advanced" state of nihilism prevalent in Eastern religions, especially Buddhism, which had so much longer to develop its spiritual coherence than Christianity (a "mixed type" religion with both Judaic and Greek sources.) At any rate the perversity of Christianity is a constant theme in Nietzsche; the way in which it sings songs of love and life which conceal so much hatred and death, in other words while casting judgment upon the universe and harboring deep-seated resentments. These features are clearly by no means unique to Christendom. However it seems also reasonable to point out that the existence of a deity isn't really the critical or urgent issue today which it was at the time, and Nietzsche perhaps marks the transition more clearly than many others...