http://datasheets.maxim-ic.com/en/ds/DS275.pdf
I ordered a few for proto, this will reduce the space needed with the ST232 and the 5 caps, although a bit more expensive. Was wondering if anyone has used them and any opinions.
Have not tried them. It looks good, however it states in the data sheet if one needs true full duplex capablity you need to use two of these. Not sure if the Arduino IDE uses full duplex or half duplex communications.
Lefty
This is basically the power-stealing transistor trick in IC form. That trick has been quite problematic for me in the past.
You can't just use two, as the problem with full duplex is that there's nowhere to steal power from if the RX line is wiggling. A second chip will not help.
The MAX233 is actually larger and more expensive than the 232, but doesn't require caps (it's a MAX232 with caps built in) if getting rid of caps is what you're after.
The MAX232 is hard to beat. Just look how many vendors have copied it!
-j
EDIT: guess I was wrong about using 2, as the datasheet shows using 2 plus a cap. It also mentions a distance limit of 10 feet.
I've used the DS275 before, but I wouldn't recommend it. It only works, as others have said, in half-duplex. And that is rather a big limitation in practical circuits.
I have used them very successfully in radio control applications. I have not found anything that is actually true full duplex. I would have to dig up my notes but I remember hooking it up slightly different from the datasheet (I powered it from the serial port).