From what I have read, the less conservative Church of Christ proponents believe that it is not the physical act of baptism that absolutely saves (at least, not
this guy), but that a desire to be baptized is a sign of saving faith. Of course, they still believe that faith itself is not a gift, but they do not see the physical act of immersion as saving. Rather, a desire to be baptized (that may or may not result in the actual, physical baptism) is a sign of saving faith. In this regard, I see them as similar to Arminians. Although, it seems that a consistent adherence to Church of Christ doctrine would require the former view.
This more extreme view is held by the church which sanctioned the retreat. One night, we had seven baptisms (it was quite a night). During the first one, after the girl was immersed and resurfaced, it was re-done
because her knee didn't go completely underwater.