Like with other extensions, the majority of people hyping over it are people that missed out on most of the .com opportunities and think there are no opportunities left in .com, .net, .org or other major extensions right now (which is not true), so they see .co as a newfound treasure trove of opportunity. What they fail to realize is that it certainly WAS a wealth of opportunity...for a few people. Mike Mann for instance snagged a shitload of quality .co domains because he got the .com.co's in advance and got the .co's through sunrise apps before they were offered to the public. So again, like with other new extension offerings, everyone else is scrambling for the leftovers.
99% of the domains regged in .co will be completely worthless and/or UDRP/WIPO/lawsuit fodder. .cm had the luxury of flying under the radar... .co certainly hasn't, so .com TM holders that didn't secure their .co will be able to snag them for themselves anyways.
Very few people will make money with .co and the rest will be losing money with it - same as other new exts that come out. Meanwhile I'll continue making a killing with .com and .org tyvm.
I went through this song and dance with .in, walked away with the highest .in sale ever (which I still have) and despite that know better than to go chasing after mirages of opportunity in other new extensions.
Even people who manage to get high-traffic .co's...that's great n' all, but parking sucks ass, minisite development for the most part sucks ass, and for many sites these days, people going to the typos know better when they see a site other than what they were expecting to see and won't click on ads.