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Well it is a relative thing. At the top would be .com and the ccTLDs. The .biz gTLD only has around 2M domains registered but it is a relatively solid performance. In terms of recognition, it is is very much a fourth choice extension and many companies don't even bother with it.
Not really an SEO head but if a site was properly promoted, it should do well. However the big problem will be leakage to the .com site of the same name.
I think if you're looking to be found via search rather than type-ins I wouldn't worry. Any negative performance from the extension (in terms of user recognition and trust) is likely to be offset by the massive seo advantages you'll have in a keyword url.