I've quoted this before on my blog as a side note, but it deserves an exclusive post for future reference since the issue keeps coming up.
“Then there is the argument from the Trinity. It is argued that if Christ died for all men equally, then there would be conflict within the Trinity. The Father chose only some and the Spirit regenerates only some, so how could the Son die for all men in general? Actually, this argument needs refinement. There are general and particular aspects about the work of each member of the Trinity. The Father loves all men as creatures, but gives special love only to the elect. The Spirit calls all men, but efficaciously calls only the elect. Similarly, the Son died for all men, but died in a special manner for the elect. We must keep the balance with each of these. If, on the one hand, we believe only in a strictly Limited Atonement, then we can easily back into a strictly particular work of the Father and the Spirit. The result is Hyper-Calvinism, rejecting both Common Grace and the universal Free Offer of the Gospel. On the other hand, if the atonement is strictly universal, then there would be disparity. The tendency would be towards Arminianism – the result would be to reject election and the special calling of the Spirit.”
Curt Daniel, The History and Theology of Calvinism (Good Books, 2003), 371.