My understanding of limited atonement is that it means that the saving grace that comes from the cross was limited to those who God elected to be saved, that it was not an offer to all mankind. Armenians believe in unlimited atonement, that the offer of salvation is given to everyone, but only those who accept it will receive salvation. Either way, not everyone gets a free pass to heaven. (Sorry, Rob Bell)
What I take out of this is simply that both groups kinda agree but look at it from a different perspective.
I am not a militant Calvinist. I believe that God has predestined to save some Armenians, and will reveal the truth to them later.
But here is something for the militants of both camps to think about. I recently read a blog comment where the author said, "This is unacceptable to me for a whole bunch of reasons. (I can never believe that God creates hopeless people.)" The author was speaking about predestination. I can't say that I have the definitive answer to any question when it comes to God, but for me to say something that God might do is "unacceptable" seems rather dangerous. Especially from someone who stereotypically downs Calvinists. What is God does elect? Does He not have the right to make pottery that is for noble use and pottery that is disposable? Can't He use Tupperware and aluminum foil to store His leftovers? He is God, and what is man that He is mindful of him? Or what if in grace God's atonement is unlimited? Does that mean you would refuse a ride on the escalator to Heaven because someone got on who was not elected? I love theology and embrace certain beliefs, and that does affect who I am and how I respond to God and ultimately to others. But I must not let my theology become my God.
I don't think God bases salvation on our view of atonement.