I like the Bali idea. It can be very affordable. It can also be very expensive. That depends on where you stay and what you want to do. If you want to go to Nusa Dua and stay in a five star hotel then you would be better off staying closer to the States and save on air fare. If you want to stay at the less glamorous places then you can get great deals. They are still recovering from the tourist exodus after the bombing and deals can be found. The beautiful thing about Bali is the culture. The population is 95% Balinese Hindu and the culture is fascinating.
If you do go and want a quiet place to hang out and explore from then I would suggest Ubud up in the center of the island. Hiking up the volcano, mountain biking through the rice patties, scuba diving off the northeast coast, and all the cultural shows are within easy striking distance. If you want a nice beach area then Sanur is good. I would stay away from Kuta unless you like hanging out with drunk Australians.
Some of my other favorite places in the Pacific include Palau and the Cook Islands. When I went to the Cooks in 1995 the Japanese had yet to start going there, hopefully they still haven't. They use the Kiwi dollar so the exchange is very favorable. I had a bungalow on the water for 60 Kiwi dollars per night. The trip over to Aitutaki was a bit pricey but well worth it. They have better beach access and the lagoon is awesome.
If you like underwater exploring then Palau can't be beat. They have the best diving in the world. It makes everywhere else I have dived pale in comparison. The Palau Pacific Resort used to give a good airline rate and is the best place to stay in the islands. I paid about $150 per night in 1998. They use the U.S. Dollar so that makes it convenient. If you go you must definitely find the other jellyfish lake, not the main tourist one. I did a sea kayak tour and the guide took us to an excellent out of the way lake deep in the jungle. It was the most amazing thing to dive into that lake and be surrounded by little jellyfish ( that had lost their ability to sting ). It was almost like floating in space with little stars all around you. Simply awesome. If you don't scuba the snorkeling is almost as good.
If you don't want to do sun and sand then you might want to think about Eastern Europe. It is still affordable and a heck of a lot of fun. Prague is great. The beer is cheap and the women stunning ( oh wait, you'll be married

), well anyway, the beer is cheap and good.
Croatia is another good one worth looking into.
Of course you could come to Dubai as well, but that wouldn't be cheap and you might as well just go to Vegas as it's about the same sans gambling. Although Oman is really cool and much more affordable. Wadi bashing, exploring the Musandam peninsula, Muscat, Turtle nests, it's the true Arabia of old.
How about mainland China ? Hiking on the Great Wall, exploring the Forbidden City, cruising on the Yangtze, mountain biking through the countryside around Yangshou and Guilin, exploring the markets of Guangzho and Shanghai. It's a fascinating culture and the people are very friendly.
Congatulations and have fun wherever you go.
Typhoonpilot