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Here's an interesting look at how equity ETFs have fared thus far in 2007:

EFV (iShares EAFE Value): 7.15%
EFG (iShares EAFE Growth): 18.09%
IVE (iShares S&P 500 Index Value): 1.38%
IVW (iShares S&P 500 Index Growth): 7.21%
VBR (Vanguard Small Cap Value): -6.59%
VBK (Vanguard Small Cap Growth): 8.71%

Growth has trounced value across the world; the rest of the world has trounced the U.S.; and large caps have trounced small caps. The declining dollar appears to be making U.S. stocks less attractive to overseas investors, and it seems to be making large multinational companies with substantial export businesses more attractive than smaller, domestic companies. Financial issues have clearly weighed on the value indexes; relative strength among technology shares have benefited growth.
Source: 2007 Returns: Growth, International, Large Caps Outperforming