Personally, I kind of like the .cc extension. It's short, easy to remember, and the extension can be interpreted as several different terms.
But I guess it depends on what you want to do with domains in general.
If you want to register a name and park it, good luck. The traffic simply isn't there. At barely over 600 residents of the Cocos Islands, type-in traffic on .cc domains doesn't come "built in".
Not to mention the sheer number of country code extensions available.
And, as previously mentioned, the registration fee is higher as well.
On the flipside, keywords are keywords, no matter what the extension. And .cc is easy to remember, making it easier for visitors to find your site again.
Premium keywords in the .cc extension will do well, as we are starting to see from the reported sales on DNJournal. But premium keywords do well in other extensions also, so it's tough to say.
When in doubt, develop the domain.
Just some thoughts/ramblings.
-Nitro