Bruce McConkie’s speech at BYU in 1982 gives a pretty direct answer:
"We worship the Father and him only and no one else.
We do not worship the Son, and we do not worship the Holy Ghost. I know perfectly well what the scriptures say about worshipping Christ and Jehovah, but they are speaking in an entirely different sense—the sense of standing in awe and being reverentially grateful to him who has redeemed us. Worship in the true and saving sense is reserved for God the first, the Creator."
But that does not mean that Mormons do not honor and revere Jesus Christ:
"Our relationship with the Son is one of brother or sister in the premortal life and one of being led to the Father by him while in this mortal sphere. He is the Lord Jehovah who championed our cause before the foundations of the earth were laid. He is the God of Israel, the promised Messiah, and the Redeemer of the world.
By faith we are adopted into his family and become his children. We take upon ourselves his name, keep his commandments, and rejoice in the cleansing power of his blood. Salvation comes by him. From Creation’s dawn, as long as eternity endures, there neither has been nor will be another act of such transcendent power and import as his atoning sacrifice.
We do not have a fraction of the power we need to properly praise his holy name and ascribe unto him the honor and power and might and glory and dominion that is his. He is our Lord, our God, and our King."
speeches.byu.edu/?act=viewitem&id=602