After a couple weeks of research, applications, job searches, talking to people that have done it, and reading blogs... it would appear that South Korea is among the top candidate for teaching English abroad. (I had previously hoped to get a job in Taiwan, but learned that the best jobs there require a 2 year teaching degree.) There are numerous jobs in South Korea at the private schools (or "Hagwons" as they are called) that will pay for your round trip airfare, as well as provide very decent housing for the duration of your 1 year contract. This is on top of an average starting pay of around 2,100,000 won a month (about 1850 USD) That may not sound like much, but considering there will be no rent to pay, no car payments, no insurance, etc... it would work out pretty well. Not to mention that the cost of living is lower there.
Unfortuantely it appears that I may be a bit late getting my applications in for this upcoming semester. Most positions begin in February and have already been filled. If I do not find a job in the next week or so, I may have to wait until September for the next mass hiring blitz. That would not be the end of the world. I would rather do that than sign a contract and wind up in a crappy job.
This is not to say that I cannot find one between now and then. There are jobs available every month... but they are less likely to be the most desirable ones with all the amenities that I mentioned above. Still hanging on and applying every day... but plans might change here in the next week or so.