Protestant is still a valid distinction, IMO, between themselves and Catholic.
Although both claim to be Christian, they differ significantly on the "means" of salvation. Protestants claim that salvation is a D-I-Y kind of thing, whereas Catholics believe in the Sacraments as a means to salvation. Put simply; Catholicism is a "works-based" salvation and Protestantism is a "knowledge-based" system (one could argue, however, that since there is a "special knowledge" required, that it also is a "works-based" faith). Much-ado, however, is made of the Grace-through-Faith argument (For by grace are ye saved through faith; and that not of yourselves: it is the gift of God: Ephesians 2:8) first adequately articulated by Martin Luther in his "95 Theses" document nailed to the door of the Castle Church in Wittenberg, Germany in protestation of the Church's practice of selling Indulgences.
Evangelical and Fundamental describe variants to the Protestant theme. I don't think I've ever heard of Catholics calling themselves "fundamentalist." I could be wrong.
Personally, I don't see much difference theologically between those who call themselves Evangelical and those who call themselves Fundamentalists (I've been long-time members of both) - other than some Evangelicals don't like the word or negative association, as pointed out above, of the Fundamentalist moniker.
When I was a believer and a member of either, I referred to myself as a fundamentalist - because those fundamentals are basic understandings of the faith as I understood them.
NORM