I recognize that this is very late to post to this thread, but I heartily second Bryan's recommendation of Piper's, Justification of God: An Exegesis of Romans 9:1-23. Piper exhaustively and carefully examines the text and demolishes any suggestion that Paul is referring only to corporate election. Some of the reasoning has been briefly touched on in this thread (e.g., the corporate view doesn't explain Paul's anguish over unbelief by many, but not all, of his Jewish brothers).
One of Piper's points that will always remain with me is that the corporate view also doesn't explain why Paul must respond to the objection that God's election is unjust. It is precisely because the objector understood that Paul is teaching that God chose Jacob but rejected Esau -- before they were born, before they had done anything good or bad, and despite the fact that they were from the same parents and were twins -- that the objector cried out that God is being unfair. No one gets worked up or accuses God if God merely generically chooses groups of individuals for earthly service. Its only when people hear that God is choosing the eternal destiny of individuals that they get outraged. To read this as a corporate choosing only is to remove the very thorn that might lead one to question whether God is unjust. (God forbid!) Notably, Paul doesn't respond to the objector by saying -- "no, the questioning of God's justice is misplaced because He only chooses corporately and for historical, earthly purposes, and not an individual's eternal destiny." On the contrary, Paul defends God's righteousness by emphasizing that God's righteousness consists of His eternal vigilance to defend His name and essential character -- "For He says to Moses, "I WILL HAVE MERCY ON WHOM I HAVE MERCY, AND I WILL HAVE COMPASSION ON WHOM I HAVE COMPASSION." (Rom 9:15) (See Exodus 33:19 "I will proclaim the name of the LORD before you; and I will be gracious to whom I will be gracious, and will show compassion on whom I will show compassion."

In other words, far from running from, or denying the factual basis for, question of whether it's unjust for God to choose individuals, Paul shows that it is part of God's very character -- even His name -- to be sovereign over whether He is merciful or not. Of course, Paul then expands the discussion to consider God's hardening of Pharoah's heart, and comes to the same conclusion.
[Edited on 7-10-2004 by LauridsenL]