I am all in. This time, a quarter of my portfolio is EEM, and it's probably not enough.
We have injected the easy money into the world economy and found a bottom. A lot of that money is going to find its way into the emerging countries - the economies that can still make something - and because of structural factors in those countries, the money is going to spur tremendous, robust economic growth there, while the US will be hard put to it to sustain 3% real GDP growth.
I would beware the US housing market for the next year. There is a lot of chicanery going on behind the scenes to support the market, and there will be bumps as the chicanery is slowly withdrawn and rates start their inexorable climb upward. Mind you, I am in escrow - I have never seen a better time to buy a house in America, if you want to live in a house and can afford it - but I fully expect to be underwater for 2 years, perhaps 5. I also expect to be happy living in the house I chose, which is very different from buying a house solely as an investment.
Much props to Floridabuilder (moneychimp), who, from across the country, zeroed in with his proprietary databases and told me exactly what street to buy my house on. I actually bought one street over, but man! that guy knows his real estate!