What are the benefits for .co domains?

Hi there,

While registering a new domain in godaddy, i found .co next to the .com

I want to know, what if i purchase .co domain if the domain is not available in .com? and what are the advantages and limitations for having a .co domain.
One thing i need to share with you below:

Before posting a thread here i have found something cool information about .co domains here:
http://webhostingrating.com/hosting...ables-international-targeting-for-co-domains/
and
http://webhostinggeeks.com/blog/2010/08/05/co-domains-gaining-momentum-and-google-support/

I need to know more about this anyone who is having a .co domain and that domain is performing well in search engine or not?

Thanks
Sumit