well, we spent a long weekend in Montevideo in November last year - while it was nice (and lunch with a lot of medio medio in the mercado down by the port was a great way to spend a Saturday

) I wouldn't say that it was that 'special' - sort of a run down BA.
We didn't make it to Asuncion, and only spent a couple of days in Paraguay, but some fellow-travellers who we met later in Chile raved about it - the friendliness of the people and the 'untravelled' nature of the place.
Also, we spent a couple of days in La Paz and would have enjoyed a couple more - a good city for just wandering around, but if you found the altitude a problem at Cuzco then you'll suffer in La Paz if you're only there for four days. We found it hard work after 10 days at altitude (Cuzco-MP-Lake T-La Paz).
My vote would go to Asuncion - who else do you know who's been there ?
Stewie