The .ME extension costs a little more than twice the price of .coms and most places require that you register for a minimum of two years. Can anyone explain why they have these conditions and is it worth it?
Not worth it. Unless you were able to get a premium domain such as kiss.me, find.me, marry.me, etc. when the .me's first came out, there's no real value to end-users. Odds are you wouldn't be able to sell for reg+ value on the domain. It's just more money for the registrars.
Exactly. Unless you can get a nice domain hack or top keywords for close to reg fee, which you can't as they all were auctioned off for a lot of money, I would probably stay away from this extention.