Just read an intereresting article on this where someone approached Google about .ME. They said they follow ICANN rules when it comes to extensions and ICANN have set .ME up as “Montenegro”.
The upshot of that is, that Google will not treat .ME with anywhere near the same weight as .com, .net or other generic domain extensions, although if ICANN ever re-assign .ME as a generic then Google’s policy would change. That’s the gamble.