Selected answers from the Dumb SEO Questions Facebook & G+ community.
Tim Capper: I could not take my eyes off that tie dyed shirt
Federico Sasso: I really think Google should loose the noose here. It's OK to assume a default, but webmasters should be allowed to set a geographic target as "generic" as they can do with .com/.net/... and the other white-listed domains. I'm not saying to enrich the list of ccTLD treated as generic, I'm saying permit overriding the default for any ccTLD.
If I'm an (e.g.) well-know Italian company working worldwide, why couldn't I have my .it domain for a multi-language web site? That would also reduce that annoying branded domain squatting thing.
Ian Dixon: Essentially my reading of that video is that you have to use .com or .org if you want to target a global audience and get good results in google. If you use a ccTLD then they wont rank you because the content is, in their eyes, only relevant to your country. Now that is a little problematic because a site may be based in one country and use the ccTLD in the domain name. Yet it may be globally targeted with high quality content that is relevant to the whole world. And how about google de-ranking sites that hide their origin by not showing where they are really from?