When we say we are reformed catholics, we do not mean that we are Papists. We are "low church" in the sense that we reject Roman ideas of apostolic succession, but believe we are the inheritors of apostolic succession of doctrine. We are catholic in that we recognize the unity we have with our brothers and sisters in Christ from all variety of traditions. We believe the Church is much bigger than merely the Romanist denomination. We recognize a Church which is truly catholic (universal). We envision ourselves being the kind of church which is more concerned with pursuing truth than tribal or denominational loyalties. We also realize that denominationalism is perhaps inescapable, and if this is the case we resemble something like a three-streams Anglican church. We maintain some of the standard Protestant objections to Romanism, and by doing so we embody true catholicity. We believe the Holy Spirit has worked throughout all Christian traditions and that we can happily appropriate the valuable contributions of all the saints throughout history.
For more on Reformed Catholicism see here.