Most of Central and South America is still an excellent value!
I realize these places, especially Colombia, are not for everybody, but I thoroughly enjoy them.
The currency of Argentina and Peru has been very steady against the dollar at approx. 3:1. The Colombian peso has appreciated a lot in the past 18 months, but should level off.
Most Central American currencies (Costa Rican colon, Honduran lempira) have actually been sliding.
Off the beaten track, there are Bolivia and Paraguay with very low pricing.
I did not encounter any maltreatment for carrying a US passport anywhere. There was graffiti in Buenos Aires saying " Bush afuera!" but what's there to disagree with?