I think there's still heaps of potential in cc-TLD Geos'. After all, there's a perfect match between the geographical identifier of the extension and the domain itself.
In fact, unless the city/place is a real 'international venue' like London, Paris or Sydney, the relevant cc-TLD is
more valuable than .com (except for US geos of course). There's no way I would swap our best pure geo -
www.hobart.com.au for hobart.com for example.
I like geo's with tourist appeal. They lend themselves better to searches & type-ins better than just simple major business or residential areas.
Eg we have batemansbay.com.au which receives much more traffic than parramatta.com.au despite having a tiny fraction of the population and businesses.
The other thing to consider is real estate. Manually check (or script it if poss) one of the big real estate sites and add in number of listings for each area as one of the criteria to measure. A thriving real estate market implies there should be plenty of willing advertisers.
Local language should also be a consideration when selecting GEO's too if you plan to develop. A regional French town with a .fr extension would be better developed in French where possible.