My own preference is to go along the lines of:
http://www.lojban.org/tiki/experimental+cultural+gismu
(That list covers mostly only European and South American
cultures/countries, however.)
This completely fails to remove the conflation of culture, language, nationality, and geography(!).
A complete list of fu'ivla for all UN member countries would probably
be a useful thing to have around.
As a linguist, (who once dreamed of having international scientific publications appear in Lojban), I would find it much more useful to have words to talk about languages that don't have to be made up on the spot, and don't refer to a bunch of other things as well.
Chris