I wonder will this ever happen:
- imagine somebody to develop a legitimate .CO domain into a popular website, assume it is a good dictionary single keyword .CO domain.
- imagine that corresponding .COM is "parked" or hosts MFA site
- imagine that the owner of .CO sues and wins the .COM, on the basis of customer's confusion with a better established .CO site

- now once that happens, that would be a game changer for .CO
- similar things already happened before, for example DELICIO.US is now DELICIOUS.COM
I think there is a significant amount of people in the digital economy interested in a .CO NOT being a flop. Just because .COM has so very little good names left. So there may be a WILL to support .CO from the following groups of influence:
- search engines will rank it as a global TLD (and Google already signaled that)
- some new entrepreneurs / investors / marketers will be willing to try building .CO websites, so maybe some of .CO will be developed into popular brands.
- if at least one popular .CO will win a case against undeveloped / parked .COM (on the basis of customers confusion), then .CO will see a new life right after that