Cost Saving = .5X-R
Where: .4 is the factor that given programmers are cheaper. (So I'm assuming that your third world Programmer is half the price of your first world one) X is the total number of hours / days for the project *Note the implicit assumption here that all programmers are created equal) R is the risk factor. Harder communication, Cultural barriers, etc.
So for smaller values of X (say when you're using django not php) - then your expected return goes down. (And the overall influence of the Risk factor goes up - namely it could be cheaper keeping it first world)
Some bean counters will be tempted to take it a step further. Why not outsource Django and Ruby On Rails work to low skilled low price developers? Its not worth the risk.
I think the answer may be... nothing.
Personally my approach is to do the bulk of the webev yourself and outsource stuff like graphic design, research, maybe some simple press release writing.