I have no doubt they will achieve the same status as .ca and .co.uk domains as more and more companies start taking interest in the huge online Indian population.
Obviously the .coms and the .nets will always be preferred, but I think eventually the others will gain more and more respect. As long as you are willing and able to wait for some time, you should be able to turn a profit.
I would agree with previous posters, there will be profit to be made. India is a highly populated country, and business is done in the english language (it's thought that learning english is the first step to doing well). I was also going to say how they could be used for wordplay.
India is one of the country where large development occur in the information technology. Many companies are using .in domains. Only problem with .in domains they are cost much than that of standard .com domain which retard the use of that extension by normal people. I don't know why, it may be due to the high taxes.