Tony Towers:

By coincidence, I too have BWX in my portfolio as a 5% asset allocation. I bought a starter position in October of last year when State Street introduced it and later added to it. My primary reason for buying this ETF was for a hedge against the dollar. It has performed well and I think it's a great asset class to have. 

An asset class is only good or bad in the context of the rest of your portfolio.  Foreign bonds do provide a hedge against the dollar, but so do foreign stocks if held in an unhedged fund (some active funds hedge the currency).  You have to decide how much hedging is appropriate for your portfolio, and how much cost you are willing to pay for it.  BWX has expenses of 0.50%, which is high for a bond fund but might be worthwhile if it is your sole hedge.

The original poster is already 25% hedged against the dollar from his stock holdings, and may not benefit from an additional hedge,  In addition, some of his bond holding is in TIPS, which also protect against a decline in the purchasing power of the dollar.