Got a decent offer via whois on a .in name I registered in January of 2011.
Kept reading the Times of India and seeing this word used over and over and over again in a very specific context, but shockingly enough, no one had grabbed the .in, so I did.
Turned it down- I like it just a little bit more than they were offering- but the opportunities are still out there to get decent stuff in the .in namespace.
Disregard all established domainer-logic and think "India first" with all your registrations. It will take you a lot further than registering stuff in .in that might be otherwise desirable in .com, but is pretty meaningless as a .in domain.