Am just back from a trip to BA (my first) and Santiago (not my first) and can say that as of a little more than a week ago my experience was much like what Marambio posted. Lots of chatter on the daytime shows (especially business shows but also the info-tainment ones) about the situation, but prices were still in pesos. The ATMs with exorbitant fees and low maximums were irritating. Of course I used credit cards anytime it made sense but am at the budget level so it's not automatic. Was able to pay even some small market vendors in dollars at 23-ish rates a time or two.

Felt like I got the hotel deal of the year with a single room at the Telmho Boutique Hotel (across from Plaza Dorrega) at $114 a-i for 5 nights, using a 15% off coupon (had to be prepaid with no refunds, though).

Overall it's not the great deal that Thailand was in 1998 or certain other cases, but it was all manageable, at least in BA.

Chile did seem pleasantly less chaotic by comparison.