I have added a link in my favorite sites. I think this is a very important. It is titled Penal Substitution vs Christus Victor. It is pretty long so I am going to keep it there for easy access.
Here is an excerpt from it:
"Despite man's concoctions of what justice "ought to be" the biblical picture of justice is about making things right again, about restoration, about liberation. In the biblical paradigm death is not what "justice requires", rather death is the enemy that justice conquers through the cross (1 Cor 15:25-26,54-57). Man's picture of justice is to put people in prison; Jesus' vision of justice was to release the captives from their prison (Luke 4:18) We need to get away from narrow man-made concepts of justice and understand the godly life-giving justice that God sent Jesus to bring about. We need to stop seeing justice as the world does and see it as God does. This will require a major paradigm shift in our thinking."