The real Emerging Market Megatrend
Initially, emerging markets were profiting on exports to the West. It's been a great growth story, especially on humanitarian grounds as hundreds of millions of people are rising out of abject poverty to better lives. I believe that the changes have become established (and the economic free-market thinking of political leaders has become enlightened enough) to where these markets are no longer nearly as dependent on the West for future growth. They will be creating their own wealth, just as we did for 200+ years.
Even if our economy and Europe's continue to stagnate for awhile, I expect emerging markets (and the companies that cater to them) to continue to prosper, even to the point of creating a new stock market boom over the next 10-15 years.
Individual countries will experience sharp downturns so I recommend geographical diversification though I lean toward countries with high economic freedom and (relatively) low systemic corruption. Being rich in natural resources helps too, but those first two are more important.
Until someone creates an etf of multinational affiliates in emerging markets I'll run with vanguard etf's and some individual stock picks like CAT, MELI and TLK.