Well, at this point in time ALL of our 529 savings are in IL's Bright Start Savings program - a plan that is poorly managed (difficult to use website, numerous account management restrictions) and expensive (high mutual fund expense ratios).
We have about $20k there right now. I have $3-$5k sitting in a money market account waiting for a destination. Originally I was going to put it in 2007 into the IL plan, but Big Company has decided to keep me on a NC payroll, so I'll keep the money in a better managed plan.
Now the goal is to find a plan with low cost passively managed index funds. Preferably by Vanguard. I can imagine putting most of the money into Bond funds as part of our overall portfolio allocation plan. However, I may just put the money in a balanced plan until we restart our investment management process.