Several years ago I was kindly sent a photocopy of L. B. Schenck's The Presbyterian Doctrine of Children in the Covenant. At that time it was out of print, but - seemingly - beginning to have an impact on several people in the, then, nascent Federal Vision camp. Since then P&R  has repubished it - presumably, due to the rejuvenated interest in its thesis: presumptive regeneration, or, baptized children of Church members are 'saved.'
Schenck's work (with others) has had its fruit in the raging Federal Vision controversy, spawning (in my opinion) both the republication of M. F. Sadler's The Second Adam & the New Birth [Athanasius, 2004] as well as Rich Lusk's paedofaith: a primer on the mystery of infant salvation and a handbook for covenant parents [Athanasius, 2005], which treat this and related themes.
Today, a post on the Building Old School Churches blog handly deals with Schenck's thesis and presents the orthodox reformed position as outlined in the Westminster Confession of Faith.