Setting up 401K for the 1st time, need advice =)?

I'm in my early 20s, just out of college and on my 1st job. My company uses Fidelity for 401K, and here're my choices:

Large Cap:
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-Fidelity Contrafund
-FIDELITY MAGELLAN Fund
-Spartan U.S. Equity Index Fund
-Vanguard Windsor II Inv CL

Mid-Cap:
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-Fidelity Value Discovery Fund
-Spartan Extended Market Index Fund

Small Cap:
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-Loomis Sayles Small Cap Value

International:
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-Morgan Stanley Emerging Markets
-Spartan International Index Fund
-Julius Baer International Eq II CL I

Lastly, Bond and Short-Term, all from Fidelity
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Of course I can basically do what my other co-workers did and go 100% with the already-blended Fidelity Freedom 2050. But I feel like I want to play with this a little more.

Right now I have 60% in Dom Large Cap(Spartan) and 40% in International (Morgan Stanley) Is that any good? Any advices or recommandations? Thank you for taking your time! =)

Totally agree with "xeno"(?)...you're in good shape with the international exposure....but just a little too much depending on the " big ol' companies"... put a little of that money into some mid and small caps.(.growth is fantastic fertilizer for a portfolio)
I'm sorry I don't have time to compare Spartan to Contrafund, but if you can , do it...Contrafund is a classic...one of the top managers in the biz...year after year..( as a matter of fact I believe it's closed to new investors...but if the plan has an existing deal with Fidelity maybe you can get in....do that comparison, and if you like it try to get in ...part or all of your large-cap)
You will be so much better off than your co-workers who are taking the " easy way out"...just keep your eye on stuff, and in general don't worry about the bonds for another 7 to 10 years..then maybe put 25 or 30 percent into one of the Freedom funds ...but keep working the major portion of your investments yourself.
Added advice: ( sorry can't help myself)...somewhere along the line, sometime soon...also log on to Fidelity's regular site and open a ROTH IRA ...which can be " self-directed"...meaning you can choose from about 7000 fund instead of just ten...or other investments...individual stocks or ETF's. Even if you only open it then add once or twice ( getting about a 12K or 15 K bankroll...then just let it ride..( invested nicely)...it will be ONE FANTASTIC source of TAX-FREE income ...those years and years of gains and dividends...ALL YOURS... when it comes time to withdraw.

This is like asking "what ice cream is the best flavor?" You'll get lots of opinions.
You are young so an aggressive portfolio is the right thing. I suggest about 80-90% in stocks and 10-20% in investment grade bonds. Within that stock portion, you'll want domestic large cap and mid cap exposure as well as an international stock fund.
The alternative, of course, is to use a target-date "autopilot" fund - nothing wrong with that and you can always change it later.

Good start!! I would put 10% in small caps and 10% in mid-caps from your 60% Large Cap.

After 5 years, I would go back and re-allocate, putting 5% in bonds.