Staying out of the Euro (for now) hasn't been so bad. They're on track to be admitted eventually, but their euro-skeptic government probably slows that down...

well, that's debatable. It annoys normal folks (who have to exchange money when going abroad) and businesses (who have to hedge against exchange rate changes). And in the end when shit goes down in Hungary it takes CZK down too.

The upside is they can devalue their currency to address trade balance and solvency issues. Something Ireland, Greece, and Spain can't do. It beats the pants off trying to lower wages.

Sure. Devaluation is a whole lot of pain and a political suicide, though

The value of currencies goes up and down according to much more than political whims. It's also good for exports, which the Czech Rep is strong in.

Agreed.