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Originally Posted by Purple Sage 
From my understanding (limited as it is), these pre-Christian pagan philosophers did not call the source of the universe "God" but rather the "one" or the "source" and they did not worship it. The many Gods emanated from an original source, which always existed and was not created out of nothing from a creator God. At least that's how I understand it.  And I tend to agree. 
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It is the same theological idea, and yes, some did worship it. They may or may not have thought other "gods" emanated from it, depending on which system you are talking about, but that sort of "god" is not the same theological idea. If Plotinus, Origin, and Maimonides had sat down together they would talk about God and the One and the Good and know they were talking about the same thing. If you look at the philosophical works of the early Christian era, pagan and Christian philosophers were reading and being influenced strongly by each others works, there was really no question that their subject matter was the same.
It's important to remember that during this time, theology and philosophy really were not differentiated the way they are now.
I am a bit unclear what you mean was always existent - God/the One, or the material universe. Both Christian, pagan and Jewish philosophers would have seen God as self-existent. As for the material universe - yes, an important distiction between the Jewish/Christian model and the pagan one is that the pagans thought that it had always been there, emanated unknowingly by the One, while the Christians and Jews saw it as having been created from nothing, in a willed kind of way.
The main reason for the difference was that the Scriptures revealed the material world as created in this way. (Although theologians argued whether it was possible to also know this as a matter of reason. Thomas for example said no while his contemporary Bonaventure said yes.) whereas the pagans felt this would mean both that God changed at some point, and that he had to be aware of something outside himself, which would make him impure.
On the other hand, it solved some vary serious problems that many of the pagan philosophical systems faced. One such problem was where the stuff part of the material universe came from. Most such systems would not allow that it game from the One because it was clearly imperfect. Yet if they located a material principle, a kind of substrate, which the One somehow shaped (indirectly), that implies some self existent thing outside of the One, which was a terrible contradiction that they struggled with. As well, the idea of emanation was always unsatisfactory to them, because it still implied the One moved outside itself, even if unknowingly, and the description isn't really much of a mechanism. The Christians and Jews, however, did not consider matter impure in the same way, and didn't have a problem with God moving outside himself and knowing about an impure world, because creation was Good. In the case of the Christians, with the doctrine of the Trinity and the Incarnation, they explicitly placed the material and the principle of multiplicity within the unified Godhead.
The time aspect is a bit of a red herring, because Christians and Jews don't believe that God is in time, but rather that time is part of the material universe. So the idea that a created universe with a beginning necessitates a change in God is a misunderstanding.
The religious systems based on the pagan understanding are interesting. Most of them are what we would describe as Gnostic, and are very similar to Hinduism in some ways. They tend to see the material universe as profoundly flawed, or at least something to be overcome. They focus on the purpose of human life being to overcome the impure, material world, and attain spiritual union with the One. Some suggest that can be done permanently once we have shed our earthly bodies, but most seem to think we get stuck back in other material bodies eventually. They can have a very strong ascetic streak dedicated to purifying the flesh, such as extreme fasting and mortifications.