I made that very same argument, to another question. So, for at least that part, (Law/morals being based on common sense) I agree.
While, from an objective standpoint, I can see how cultures could have developed such religions for these reasons, I disagree that the human race is losing its excuse for religion. We are discovering more about our world every day, and I don't believe that any of it is falsified in an attempt to lead us astray. Rather, I believe that, if there is a God, he could have created the sciences in order to cloud man's perception of him. Perhaps to demand true faith, perhaps for some other reason, that may be a different idea entirely.