In reply to Panda:
Returned from a 5 month trip in that area earlier this year. Argentina, Chile and Southern Peru.
Argentina
Buenos Aires is a sophisticated party city. On the basis that I would get drunk and not leave if I wasn't careful I only stayed 4 days. Every one else I met who had been loved it. Other than the social life there is about 3 days of things to see (Tango, Recolleta cemetary, various other districts.)
Aregentinain Patagonia hasn't got a lot going for it, it's fairly desolate and almost desert (due to the Andes stopping the rain). Some remote and impressive nature reserves on the coast, good for seeing dolphins, seals, sealions, birdlife (particularly magallenic penguins). Puerto Madryn is the popular spot, and usually the furthest south most people go down the coast. It's main attraction is the Right Whales during brithing season but the quantity of people means that you don't get that close to much else. If you do go spend the money to hire your own vehicle. Personally I would recommend Puerto Deseado, about 15 hours further south, as a better spot. Almost devoid of tourists and you can get within a few metres of much of the wildlife. There's nothing like experienceing the smell of damp sealion from a small boat.
The area has a couple of petrified forests. Unless you have plenty of time and a particular interest don't bother going if you are travelling by public transport. Very desolate, but other than that not that big or impressive.
Usahuai is either loved or hated by people. The city itself is not very big and caters largely to the Antarctic cruise ships. Go outside the 3 month window and it is meant to be quiet. There is a lot of remote couutry around it which is good for walking. Not a great variety of vegetaiton although much of it is old. The climbign si not very good due to the nature of the rock. Skiing is meant to be reasonable in Winter (although flying maybe the only way in). I travelled by bus both ways to Ushuia but I would recommend flying at least one way.
In the north there are a number of large sized cities, and like BA quite sophisticated. The further north you go the more colnial influence there is. Salta is perhaps the best. Iguazu falls are the biggest falls in South America and worth a visit, although it is very touristy. I didn't, but the recommednation from those that did, is not to visit both the Brazilian and Argentinian sides; the Aregentinian side is better and you see most of the falls. The walkways are now alll fairly modern.
Chilean Patagonia was for me the best bit. I include El Chalten and El Calafate in this because they are moste easily reached from Chile. Until recently there hasn't been much human influence here. Forests, Glaciars, and multdaywalking. Torres del Paine is a must do (and the full route is better than the W, but may not be open after the fire in February). El Chalten is more of an adventure centre, with climbing, walking and rafting all avialable; be aware that there was no cash machine there at the beginning of this year, take plenty with you it isn't cheap. If you have the time appraoch or leave this area via Argentian Route 40 (or if it's running now the ferry across to Lago O'Higgins) and the Caterra Austral (sp) in Chile.
The Chilean Lake district (volcano trekking and rafting) and Central coast are worth a visit, also the Chilean wine region. To the North of Santiago are La Serena (pisco production and Telescopes) and the Atacama Desert. Desert stuff (Salt-lakes, mountain biking and geysers) is probably best done from San Pedro de Atacama, which is also a high-level gateway to Bolivia and Argentina.
The Northern coast is good, although I would recommend Iqueque over Arica, the latter being a bit of an Industrial dump. Iqueuque has some reasonable surfing and one of the worlds best Paragliding locations, 360 days of sun a year and no-rain. You can learn to paraglide quite cheaply.
In southern Peru Arequipa is quite a nice place and Cusco is obvioulsy a must do. If you have the time and can find someone to do it with then one of the 'alternative Inca trails' is a better option than the official one. Cheaper, longer and a lot less busy. Guides aren't necessary either so you can plan it on your own but some knowledge of Quecha may be useful.
Can't be bothered to type more at the moment. Email me using profile if you want more info.