.co what is it? Do I need it? Does Google hate it?
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I've bought one (just the one ;p)
I think it was on here a few weeks ago actually that I read some comments about it. The general consensus seemed to be that it's not going to be seen as another .biz/.info spammy TLD and should be fine... which I was glad to read as I saw that after I'd bought it.
Apparently it's also going to be like a .com in that even though it's technically location based, that will be a factor which is ignored by search engines, so anyone anywhere can have one without losing any value from the geography.
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.co is the top-level domain for the country of Colombia.
I would get the .com if you are trying to target the USA. Otherwise you will lose valuable type-in traffic to careless people who don't understand .co and have .com fixed in their mind.
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Depends if you're targeting Columbia or not (.co is the Columbian TLD, which I think is a bit tricky considering all the .co.CC domains out there, though I guess you get .com.CC addresses too).
If you're not targeting Columbia specifically then I'd definitely go with a .com address over a .co TLD.
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Yeah, I refuse to believe .co is going to become a gTLD rather than a ccTLD. Do people still try and sell .ws as dot website?
I bought one as well to use as a URL shortener

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It's on here somewhere that I read it... no idea who was commenting but perhaps findable by search.
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Oh, I've seen it being marketed as such, I just don't think it will ever get the traction required to be treated as a gTLD by search engines.
It's all just marketing spiel - http://www.cointernet.co/frequently-asked-questions/general-co-faqs#q5
I'll do a search but I don't think I'm wrong (though have been proven otherwise before :D).
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Found it... http://www.seomoz.org/q/co-domains-any-thoughts
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Then I shall eat my words
and go back to finishing that article 
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haha don't worry, if you get proven wrong as much as I do, you get used to it

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Bottom line: Google is treating it as a valid global TLD, but it will be a while (if ever) before people accept it as authoritative as a .com.
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Correct. Getting into the public consciousness will be a much harder task than simply getting people to target the right territories in WMT.
I imagine this'll be more like .asia which is just a bit too generic to have really stuck with anyone.
.co.uk for example is well ingrained into the UK public's mind, but for just a .co ... I just don't see it happening. .xxx on the other hand.
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Thanks to EVERYONE who gave me their 2 cents. I first heard of the ".co" when I saw a commercial for Overstock.co. It's interesting that they would start using this. I think that that says something. Now I'm not saying it will replace the .com but it's something to consider when a company like OverStock makes a .co purchase and campaign. Thanks to everyone! I'll be sure to post anymore info I read about it!