By the end of the year tens of thousands of multinational cooperations will begin actively promoting .co as a Colombia ccTLD, including top tier brands such as Google, Yahoo, Bing, Amazon, PayPal, Facebook, Hewlett-Packard, Sony, Nintendo, BMW, Ford, Heineken, etc, etc, etc. The .co Colombia association factor will be set in stone with the global general public shortly thereafter. When it's all said and done, the .co artistic interpretation crowd will quietly move on to it's next endeavor, and the cycle will repeat itself.
For those that have developed .co domains outside of the Colombia related umbrella, it should be important to consider that only 1 in roughly 500+ potential clients will take the time to ask you "I noticed you're based in Colombia, do you accept US dollars / euros / pounds?" The other 499 will simply click out to search for a more locally based goods or service provider. US online shoppers are particularly shy when it comes to paying anyone they perceive to be based outside the US, regardless of what they're paying for.
With regard to direct advertising prospects, many of whom are extremely SEO savvy, you're going to have a hell of time convincing them that your target market and traffic flow is non Colombia based (assuming you're outside of the .co intended use umbrella).
Many easily avoidable headaches await .co artistic interpretation developers.
I decided against registering any .co domains, even for defensive purposes. I own enough second tier .net and .org domains, I don't need a second tier domain that's four times as expensive, and is geographically inhibiting (which would actually make it third tier/rate for my own use of it). I'll let you all fund the short lived .co circus.
