The use of this passage in LDS literature is widespread. “I said, you are gods” is used to substantiate the idea of a plurality of gods, and men becoming gods. Yet, even a brief review of the passage demonstrates that such is hardly a worthy interpretation, and some of the leading LDS apologists today avoid trying to press the passage that far, and for good reason. The unbelieving Jews seen in this passage, with murder in their hearts, are hardly good candidates for exaltation to godhood. What is more, the Lord Jesus uses the present tense when He says, “You are gods.” So, obviously, He is not identifying His attackers as divine beings, worthy of worship by their eventual celestial offspring! What, then, is going on here?
Update May 7, 2015: Here is another pastor’s view of this.