A recent post by a BYU site shows that Mormonism cannot possibly be classed as monotheistic. Here it is below, in question and answer form:
Q:  How can God be all-knowing and still progress eternally?
A:  An article by James R. Harris explains that some students have been confused by apparently conflicting statements made by early Church leaders about God's omniscience on the one hand and his ability to grow in knowledge and glory on the other. These leaders recognized that God could somehow grow in knowledge and at the same time experience no deficiency in his knowledge, being, in fact, a possessor of all knowledge. God's foreknowledge spans all of man's experience (premortal, mortal, post-mortal, and immortal) and man's end (his final condition as an individual) is known by God, “from the beginning.”
This foreknowledge may have come as a result of God's long observation of his children through premortal ages or eons, or it may come as a result of the celestial globe where God resides and where things past, present, and future are continually before the Lord. In this sense, God's knowledge is perfect. Eternal progression, like eternal life, may represent a quality of experience and not exclusively a duration of experience. The mind of our God is in constant and perfect union with all that is divine throughout the immensity of space.
Our Lord, Jesus Christ, has the character of a God and under the law of consecration, he is the possessor of all things. All that God possesses in wisdom, knowledge, and power, are his through a union of property among all Exalted Fathers. Thus, as the Lord moves to ever higher degrees of exaltation, a constant flow of knowledge and power will be called forth from what Harris calls the “Grand Union of Divine Minds.” Harris suggests that while God is progressing in knowledge, there is never a practical deficiency in his knowledge because of his immediate access to the experience and knowledge of all divine beings.
For more information, see The Mormon Mirage 3rd Edition:  A Former Member Looks at the Mormon Church Today(Zondervan, 2009). Also available as an audiobook and as an expanded-text E-book for Nook, Kindle and other reading devices.