I consider myself mainline protestant (for the most part). And though I believe in hell, I don't believe that it is a place of "eternal conscious torment" for those who go there. I believe, rather, that those who go there are "annihilated" (destroyed), and that eternal life is reserved for those who are "saved". John 3:16 (the most famous verse in the Bible?) says, "... that whoever believes in Him shall NOT PERISH but have ETERNAL LIFE". I believe this view is the one most supported by the Bible, and is most consistent with the character of God.

The following is a good overview:

http://www.gregboyd.org/essays/god-essays/judgement/the-case-for-annihilationism/

If you want something more in-depth, the following are good, too:

http://grcog.homestead.com/destruction_of_the_finally_impen.htm

http://www.biblicalperspectives.com/books/immortality_resurrection/6.htm

Blessings,
Rainboy