The Church of Jesus Christ of Latter-day Saints has a very different view of the concept of Hell from many mainstream faiths (though I have seen a drastic change in some baptist and protestant theology recently that comes closer to LDS theology).  
 
We do not believe in a literal pit of fire as parts of the Bible describe, we believe that is an figurative analogy for the torment a soul feels in the Spirit World when they pass through the veil and see how much the betrayed there Heavenly Father's plan for them.  
 
We do not believe that Hell (or as LDS call it spirit prison) is an eternal punishment either. We believe it is a place where those whom had no knowledge of the Restored Gospel in there lifetime or had an insufficient/incorrect knowledge will have time to repent and learn the truth if they choose and receive the blessings of the atonement in full.  
 
If they choose to not accept the Gospel and Christ's atonement they stay in Spirit Prison until the end of days where all whom remain in spirit prison are resurrected to be judged along with those righteous whom have already been resurrected.  
 
Seeing that those whom choose to reject Christ in this lifetime and the spirit world are the only people left in Spirit Prison at that time we know the they inherit the lowest of the Three Kingdoms (or Glories) called the Telestial Kingdom.  
 
Here they reside for eternity they can never be in the presence of the Father or the Son because of there transgressions but can be visited by the Holy Ghost as we can today. In fact the Telestial World is not that different from the world we live in at this moment with the exception there is no sickness, suffering, or pain.