That is something that has been obvious for some time, particularly with the release of the Catechism of the Catholic Church in 1992, which says that we may hope for the salvation of infants dying without baptism.
Recently, Pope John Paul II asked the International Theological Commission (a body operating under the auspices of the Congregation for the Doctrine of the Faith) to study the question of the fate of such infants in more detail.
HERE’S AN INTERVIEW WITH A THEOLOGIAN WHO HAS STUDIED THE PROBLEM IN DEPTH.
(Cowboy hat tip: ExceptionalMarriages.Com.)
I don’t think the theologian in question explains himself as well as possible on all points, but it’s still a valuable overview.

