I'm keeping my VG TE muni bond stakes right where they are at.
As a side note, the emergence of the BAB bonds (not TE) has created a lot of activity in the muni bond arena.
IRS Issues Guidance on New Build America Bonds
I have not seen any good articles about the effect of the issuance of the new BAB bonds on the traditional TE muni bonds.
I checked with VG to see if BABs would be acquired in any of their TE bond funds, and the answer was a definite NO.