Regeneration is fully, 100%, God's work. It is irresistible, and is a raises us from death to life. Regeneration is a work that produces faith - God regenerates us and we believe. It renews us, and changes our will.
You can look at regeneration from God's point of view (as presented above), in that it is fully God's act, which comes before faith, and has the sinner, who IS elect, as the object.
You can also look at regeneration from man's point of view, in which conversion is included and then is the result of faith. I.e. from man's point of view, we believe, and are converted.
The above is where I would stand on Regeneration. It is very similar to the viewpoint of the Dutch Reformed Theologian GH Kersten, albeit using my own verbiage (as I don't speak Dutch... <img src="/forum/images/graemlins/smile.gif" alt="" /> )
