Faith and/or Works?

Fewer topics have sparked more religious debate among Christians than the age-old "Faith verses Works" question.  As I understand it, one side believes that faith in Jesus Christ and accepting Him as our Savior is the only thing that is required for Salvation, while the other side believes that certain works, rights, or ordinances must be followed in order to be saved.  This seemingly simple question can get very involved, and there have been many wonderful discussions and talks given on the subject.  Instead of answering the question, "Are we saved by our works, or by faith alone?" I will focus specifically on what members of the Church believe.

The question:
"Do Mormons believe we are saved by works or by faith alone?"