http://www.theschoolofchrist.org/articles/churchianity.html
Here's an excerpt...
We must always be sure to distinguish between the Lord's invisible, universal, spiritual Church (the Ecclesia) and the non-profit religious organization that meets in a building with a steeple on top. The difference is incalculable, and we dare not make the mistake of confusing the two. Please understand that we do not question the right of any religious group to peaceably assemble together, elect their leaders, receive monies, have membership requirements, and govern themselves in the manner they see fit - as long as we realize that such a right is a civil right and is neither inalienable, Scriptural, or mandated by God Himself. That doesn't make it wrong, but neither does it make it spiritual. The Ecclesia is not an organization or invention of man, but an organism filled with the Life, and whether we worship "in Jerusalem or in this mountain" is not as important to God as whether or not we worship Him "in Spirit and in Truth."
So where is the distinction? What makes it an issue? It becomes an issue when spiritual or Scriptural significance is erroneously attached to a mere social contrivance, cultural norm, religious tradition, organizational structure, or place of meeting. When the waters are muddied and the lines are blurred between the social expectation, tradition, or custom of the religious organization and the true spiritual life and essence of the Ecclesia or the individual believer then such a system has the potential to evolve into a dangerous form of spiritual abuse or religious elitism.
What is Babylon? It is the marriage of church and state, religion and government; or to be more direct, it is allowing the leaven of the world to spread via Organized Religion and Institutional Christianity. As an example, consider how pastoring a church has become more of a profession than a calling, and how church government has digressed from a theocratic, Spirit-led consensus to a "Spirit-led" democracy, or worse, a "Spirit-led" benevolent dictatorship of a single pastor or a church board. This is the result of the spirit of Babylon. Whereas the True Church is to be "in the world, but not of the world", Babylon is that which is both in the world and of the world - it is by, for, and of the worldly system, yet it retains the outward appearances of godliness and spirituality. It is a synthesis of God and man, taking the best that each has to offer and fashioning a golden calf with it.
Babylon is always antithetical to Christ. It is anti-Christ. Babylon is represented as a religious whore riding on top of a beast which kills the prophets and saints of God. Perhaps we have missed the point by personifying the Antichrist as a Hitler-type world leader bent on global domination. Antichrist is the religious antithesis of Jesus Christ which flows from Babylon AS Jesus Christ. It is not coming, it is already here, and has been here from the beginning. Perhaps denominationalism is the real mark of the beast. If so, it is no wonder that so many are willing to accept it.