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This is not my personal answer, as to what I believe, but rather what I am coming to understand about the difference in views with regard to the extent of the atonement.
I found two excellent summaries.
The first is in favor of the term 'limited atonement' and the concepts behind it. It is written from a "modern reformation" perspective which I suspect holds to 5-point Calvinism.
The second is from a 4-point Calvinist position which rejects the language and concept of 'limited atonement." As these views are the closest I have found, with this one difference, I thought it would be worth posting the links for these articles here.
From the Alliance of Confessing Evangelicals: "Limited vs. Unlimited Atonement" Rev. Richard Phillips (chair of the Philadelphia Conference on Reformed Theology and senior pastor at Second Presbyterian Church in Greenville, S.C.)
From Reasong from the Scriptures Ministries "The Extent of the Atonement: Limited Atonement Versus Unlimited Atonement" Ron Rhodes http://home.earthlink.net/~ronrhodes/Atonement.html