Just my 2 cents - pay off the debt if you can.

Emergency fund first.
Pay off high interest debt next.

Go down this list until you run out of money:

1.  Emergency fund.  Mine is one year of all household expenses.  
2.  Any and all debt to include mortgage, starting with the highest interest debt first.
3.  IRA for 2010.  If you're in the 25% marginal income tax bracket, you're immediately getting a 20% ROI.
4.  IRA for 2011.  Same as above.

All good responses above.  May I put forth-

Keep in your emergency fund enough to live on if you were to lose your job(s) and needed to find a new one.

Certainly pay the high interest unsecured credit off first.

The mortgage on the house if you have a low rate (if you don't for the love of all things get one immediately) doesn't bother me at all.  If you have no other debt beside a home loan for 30 at a low fixed rate you can save for retirement.  As long as you have the time horizon you will make much more in a diversified portfolio with the money you would have spent paying the mortgage off.  It is unlikely you will able to borrow money so cheap as in a mortgage- use that to your advantage and invest in your future.