Everywhere else doesn't even make you file and a bill has already been introduced to take away these exemptions (they offensively claim they can "save" money by removing these exemptions).
Also, I believe that there's some setup so that the credit is one-way, or you have to pay the larger of the two. In any case, it usually ends up being that you pay no less in taxes to the US, and then you may get taxed for the foreign country on top of that.
Read about the Foreign Earned Income Exclusion here: http://www.irs.gov/businesses/small/international/article/0,...