I rent my apartment out when I am not in BsAs, and I know that I am getting more, not less, friends who want to stay there.
I know nothing about mass market tourism, and could care less about it- but I do know that among people who are NOT interested in the cheapest place, but, instead, are interested in Argentina and BsAs for what it IS, not what it ISNT, the international "Buzz" about Argentina is building more and more.
So cultural tourism is climbing, even if we dont get the planeloads of students from the UK looking for the cheapest drunk.
At ArteBA last May, I saw a LOT of US and European artworld types, many of whom had not been here before. The buzz about the large, low profile private collections in BsAs is building. The artists from Brazil who premiered a video at the Brazilian embassy that week recently opened a major museum show in Seattle.
Argentinian music, particularly new hybrid forms of tango or argentinian folk with electronic, is getting a lot of attention worldwide- XLR8R Magazine recently did a piece on the Zizek collective, for example, and included tracks on their monthly free CD, which goes all over the USA.
http://www.xlr8r.com/podcast/2008/07/zizek-urban-beats-club
Plenty of people still come to Tango, as well.
The literature and architecture still draw afficianados.
And of course, the wine is all the rage, worldwide. All the WineSnobs I know have either been, or will travel, to the wine country.
Nope, none of these are comparable to cruise ships full of middle americans, or package tours- all of these cultural and intellectual draws attract smaller numbers of tourists- but they are discerning, caring tourists, and they probably spend more per capita, at Martin Churba or Los Hermanos Estebecorena, or at restaurants like La Cabrera or Sucre, than the mass market tourists do buying knickknacks on Florida.