is .co domain worth buying? does it create confusion with com ?

recently our family was deciding for registering a domain name for a construction company, but when we searched all the .com's were gone but with the announcement of new .co new country level domain where each and every name we thought off was available one thing started buzzing in mind "is it worth of registering a .co domain for business"?

Though .co is a generic country level domain for colombia the registrars like godaddy and others are creating a major hype and portraying it as a best alternative for .com does it real replacement for .com domain? i don't think so, even registrars are slashing price to half to make it popular but people dont know they have to pay double the price for next subsequent renewal's.

what ever it is, i bet .co domain never becomes a tld and cannot replace .com, .net or .org, these registrars are simply pushing and creating a hype to sell the .co's and relieve pressure on .com domain, i rather happily purchase .in my country domain instead of .co which is nice and have a good business potential in india or i will alter a few letters and go for .com itself for my business.

Now with the liberal regulation in ICANN any one with good infrastructure can maintain and sell their own extension you might expect .hotel, .sex etc in the future and as a consequence people may get confused with the extension and might only remember the tld's very well than others and also say if your business name is www.mycompany.co its natural human tendency that most people may type www.mycompany.com so i believe .com is always good for business purpose and has lots of commercial value.

but at the end of the day its your call, and above represents purely my opinion though, so do you think .co is a real alternative and has potential equal to .com's? do share your opinions