I just bought a used Colgate. My family and I plan on sailing coastal Maine so we needed something very safe in open water and easy to crew since we are novices. My wife and I originally learned with Steve Colgate's Off-Shore Course so we were well familiar with the boat and what it can do.
Your final decision, I feel, should be based on what type of sailing you want to do. For Daysailing with a bunch of friends, it's hard to beat but I would not want to cruise for more than one overnight. The cabin space has been sacrificed for a large more comfortable cockpit. It would be uncomfortable and cramped staying below for any length of time. Understandably, when people are forking over $25-30K for a sailboat, many would like to have the that option. However, for me personally, I'd take the athleticism and the excitement the Colgate can offer my friends and family on a day sail! Good Luck!