The part I consider unethical is the pledge of the parents/godparents/etc. to raise the child as a Christian to the exclusion of all other beliefs.
And while the ritual itself is a bit silly, the idea of the necessity of baptism - i.e. "this newborn baby is so evil that God would be justified torturing it forever if it were to die right now, so I need to do a ritual to erase the evil my child was born with" - implies some pretty awful things for a parent who thinks deeply about it.
Luckily, I think more often the parents' sentiment behind baptism usually isn't much deeper than "I'd better get this done or I'll never hear the end of it from Nonna."
When Jaques Cousteau was baptized, he was probably thinking (with his infant brain)....now we dive into the caliginous depths of Poseidon's world...a shadowy domain of Neptune's inimitable power, cut off from the comforts of the ship's quarters. Maybe that's why he became an oceanographer?
What
sea monsters lurk below? Shall I encounter an octopus, or a tentacled
kraken? Perhaps a cetus greets me with its warm but deadly embrace? Shall I be struck down by a
scylla by one of its six heads if these waters are in the straits of Messina? Or shall I be carried down by the
charybdis whirlpool that devoured ships and sailors alike in its aestigian depths?
Shall I encounter a friendly tuneful
siren, whom I will unwittingly follow to my demise?
Shall I escape
Calypso, as the
god Odysseus did in his Odyssey (of Homer), when Calypso wanted to turn him into a man and marry him (though he was already married to Penelope)?
Zeus, the main God saved him.
Shall the
goddess Circe, daughter of
sun God Helios, turn me into a swine, as he did to the God Odysseus and his men?
Shall I be eaten by a
Hydra, the nine-headed serpent...if this is the waters of Lerna. There is no point in cutting off its head, since two more would grow in its place (I wonder what the effect of grafting another head would be....would that reduce the number of heads?).
DemiGod, Hercules, had to enlist the aid of his nephew to torch off the newly formed heads.
So, perhaps there are a lot of other Gods to consider during a baptism?