I have the Fidelity Freedom 2010 in my IRA. In the 6 months I've held this fund, i've gained 9.79%. Morningstar has given it a 5 star rating.
Here is a list of their holdings as of 12/31/2006
Equity Funds
Fidelity Growth & Income Portfolio 6.56%
Fidelity Equity-Income Fund 6.31%
Fidelity Disciplined Equity Fund 6.11%
Fidelity Blue Chip Growth Fund 6.00%
Fidelity Growth Company Fund 4.10%
Fidelity Mid-Cap Stock Fund 4.08%
Fidelity Europe Fund 3.59%
Fidelity OTC Portfolio 3.26%
Fidelity Value Fund 3.20%
Fidelity Overseas Fund 2.59%
Fidelity Diversified International Fund 2.57%
Fidelity Japan Fund 1.00%
Fidelity Small Cap Independence Fund 0.81%
Fidelity Southeast Asia Fund 0.55%
Fidelity Small Cap Growth Fund 0.30%
Fidelity Small Cap Value Fund 0.30%
Fidelity Fund 0.29%
Fixed-Income Funds
Fidelity Investment Grade Bond Fund 11.75%
Fidelity Government Income Fund 8.43%
Fidelity Strategic Real Return Fund 6.89%
Fidelity Intermediate Bond Fund 6.72%
Fidelity High Income Fund 2.50%
Fidelity Capital & Income Fund 2.46%
Short-Term Funds
Fidelity Money Market Trust: Retirement Money Market Portfolio 4.72%
Fidelity Short-Term Bond Fund 4.71%