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Peru is good, many hot girls, economy is booming- in Lima check out Miraflores, Orantia del Mar, San Isidro - all coastal areas and very nice.
Expect to pay 400 bucks/mo for a good one bedroom apartment in those areas.
The food is amazing, you can hit the sierras (Huaraz), go north to caribbean like Mancora with awesome surfing or hit an amazing part of the Amazon in Iquitos, and of course Cusco with Macchu Pichu.
Colombia is decent, the drug war can make it tricky but the girls are hot. I lived in Bogota for 6 months and had a good time although it was the first time i saw people dead in the street (drug executions). Govt. is iffy.
Venezuela has the hottest girls of all and the andean town of Merida is sweet. You can live very well on 1k/mo. Govt. is iffy.
Chile and Argentina I found cold, depressing and much more expensive.
Ecuador is a good place to vacation to, but not to live.
Many people say Panama and Costa Rica, which I will eventually have to check out.
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