This blog is not now and by God's grace alone never will be a blog about Calvinism. But I have bumped into a number of people similar to me in many ways who have wrestled with the biblical basis for and the implications of limited atonement, or particular redemption, if you prefer. As many have pointed out, unless you're a universalist, you inevitably do hold to some form of limited atonement.
John Owen's The Death of Death in the Death of Christ is viewed as one of the greatest apologies for limited atonement in church history. Personally, I think that puts a negative spin on a work that is really quite positive in the way it magnifies the grace of God by showing that Scripture teaches that Christ's atoning sacrifice actually secures the deliverance of the elect, not merely makes it possible.
My historical theology class read The Death of Death for a weekly assignment last week. Since it was sandwiched between two other weekly assignments that were Book 1 of Calvin's Institutes, and Edwards' Freedom of the Will (which is tougher reading than Owen for me), I wasn't able to read as thoughtfully as I might have liked. As it was, it took between 10 and 12 hours.
You can download a PDF of the book here. Unfortunately it doesn't include what several have told me is an excellent introduction to the book written by J.I. Packer, but you can access that here. Owen's book is worth a read. I'm still thinking through things myself, but I was intrigued by Owen's exegesis of the "all" and "world" passages. Whether you agree with him on L or not, "All" is certainly not always all, and that is not all "all" means.
Also, Jason Robertson at Fide-O has a brief summary of Owen's argument here. HT: Daniel Phillips.
By the way, I'm interested to hear about any flaws in Owen's exegesis or reasoning from anyone who's actually read the book. I've got a few passages marked for further though myself, and I'd be curious if anyone else has chewed on the same ones.