As far as religious tolerance is concerned, it's not going to win any prices anytime soon - neither in relation to the historical perspective, nor in view of the present.
Admittedly, Christianity has spent most of its potential for persecution on divergent Christian groups in recent centuries: Catholics persecuting protestants, protestants persecuting catholics, protestants persecuting protestants, etc.
But that does not necessarily mean that they are embracing the presence of other religions - they've just been too minuscule in centuries past to merit too much attention. Christianity's stated goal is to convert everybody - so there's not that much room for divergent world views left, is there?
This view does not necessarily reflect all of modern Christian theology, which has had a more generous (if belated) view of other religions. The existence of other religions has indeed been a challenge for Christianity. Karl Rahner's concept of the Anonymous Christian created a much more generous view of other religions in Catholic theology. Some Protestant theologians have had similar concepts.
It might be interesting to investigate the life and work of Bede Griffiths, a Catholic priest who lived for years in India as a holy man and founded a Christian Ashram there. His vision was to express Christianity through the concepts of Hinduism and Vedanta.
BTW, I would qualify the view of Hinduism as a polytheism by saying that all its gods are technically merely expressions of Brahman, who is the One Source of all.
Brahman is often discribed as God in his pure and Unmanifest state. The saying, "I am Atman. The Atman is Brahman," reflects the view expressed in the Upanishads that every individual bears the spark of Divinity, and that is seen as the only true Reality.
Bede Griffiths wrote a good "Christian" explanation of the Bhagavad-Gita called, The River of Compassion. A good description of his Christology and cosmology can be found in Return to the Center.
Hinduism accepts the possibility of many Incarnations of Divinity, including Jesus Christ. The Bhagavad-Gita says, "In every age I come back to deliver the holy and destroy the sin of the sinner."
I know a Christian woman who started out in a Vedanta group. She was instructed to choose her Guru, and Jesus Christ was one of the choices. I read a very deep and passionate exposition of Jesus Christ by a Vedantist in a book called, Hinduism and Christianity.