[gvibes]

I'm a big fan of diehards.org (the vanguard diehards). The are all about finding low-cost, easy to manage portfolios with non-correlated asset classes.

I recently prepared an asset allocation for a friend of mine who only has ~40k in a 401(k), as follows.
Bonds (30%)
15% - Vanguard Inst Total Bond Mkt Index VITBX
15% - Vanguard Inflation-Protect Sec Inv VIPSX

REITs (7%)
7% - Vanguard REIT Index Fund Inv VGSIX

Equities - Domestic (46%)
11.5% - Vanguard Inst Index Fund Inst Plus VIIIX
11.5% - Vanguard Value Index Fund Inv VIVAX
11.5% - Vanguard Small-Cap Index Fund Inv NAESX
11.5% - Vanguard Small-Cap Value Index VISVX

Equities - International (17%)
4.25% - Vanguard Developed Markets Index VDMIX
4.25% - Vanguard Emerging Mkts Stock Index VEIEX
4.25% - Vanguard International Value Fund VTRIX
4.25% - Vanguard Internatl Explorer Fund VINEX

As a side note, these things get much more difficult if they are in a taxable account, as tax efficiency becomes a huge concern.

A good, simple tax-friendly portfolio would be something like 30% tax-exempt short or medium term bond fund, 50% in a total-stock market type index, and 20% in an international index.

Diehards.org will help you with all your problems.