Disagree to the extent that you intend this to exclude meritorious action. Only in the fallible, limited eyes of man. God says both are true in His Word, so they both are true. To insist on pushing one facet of the doctrine to the exclusion of the other is folly. A refreshing acknowledgement of paradox and mystery, which is often present in true Christianity, but lacking in many individual Christians.
Catholics routinely look at things in that fashion.
C.S. Lewis said faith without works is like talking about which blade in a pair of scissors is more necessary. Of course they deny that, but I think it follows logically from the position, just as many Calvinists think transubstantiation is no different from flat-out idolatry.