And some of the newer bond ETFs (like PIMCO Total Return ETF, BOND) show signs of being real competitors for bond funds down the road.

FORBES: Five Reasons Bond Funds Are Better Than ETFs

Unlike TIPS, which are taxable, the municipal bond version offers a real aftertax return.

FORBES: The Bupkes Bond

But 4% is still a heckuva lot better than the 1.6% annualized real return bonds had the last time (1952-1962) we were stuck with historic low bond yields courtesy of Federal Reserve policy.

FORBES: Connect

Even if Bernanke ceases firing dollars into the bond market, yields will still have to rise to the level at which they provide a real return.

FORBES: Interest Rates Are on the Launch Pad