If anybody wants a comprimise between using a MAX232 type of interface
and discrete components, try the Dallas Semiconducter DS1275. It gives
you full RS232 compliance in an eight pin chip. It robs the negative
voltage from the host (PC) device. Its only limitation is that you can
only use it in half-duplex operation ( one side talking at a time).
After using the above alternatives, the 1275 goes in all my RS232
designs. I've used it up to 56K with no problems; never got discrete to
do that. It's slightly higher in cost than the MAX, but it needs no
other support components.