I have always thought that the term "emerging" was a bit too complementary a term for these markets. Emerging has two definitions, becoming known, and rising, but the way it is used I think gives the connotation of improving or rising destiny.
Now of course for most of these countries you could argue that there is no way to go but up, and over the long term will undoubted be true. But what is the long term?
To my mind there is so much corruption in many of these countries, and so much volatility, and so little history from which to make projections, it is really just gambling. Especially since how much do we really know about what we are investing in? What do we know about the market, the legal system, the corruption, how they do their accounting?
When we invest in a good American or other developed market index fund, we have at least some idea of what that economy, judicial system, and markets are like.
Personally I don't have anything in emerging markets, and realize I might be missing out on some very large moves. But from what I have seen you have to time these markets. Because you are more likely than not going to be riding up a speculative bubble, and getting out before the pop.
Then again, the country could really emerge and become a developed country. But I think a lot if not most of the people investing in these "developing" markets are investing more on hope than information. I know for me I don't have the knowledge necessary to invest there. So I don't.