As I blogged recently, I learnt at school that devaluation in the longer term is bad for you.
However, if you read Government-supporting media, such as The Guardian or The Times, you might now get the impression that devaluation is the best thing since sliced bread. See for instance this one by Anatole Kaletsky.
For a more orthodox view, see this one by Stephen King.
Don’t read the first article without getting the antidote from the second one!