I've considered trying to get a C&R next year.
On the upside it'd be fun to shop around for some of these great old guns.
On the downside, there doesn't seem to be too much to shop for. When I think of C&R I think of great old stuff like M1's, M1 Carbines, 1903A3's, etc. but honestly these are all long gone by now, lost to history (read not available at any reasonable price).
The other thing is, at some point they'll see these old guns all out, and they're never ever going to make something like old M14s or M16s C&R. The BATF would never ever let it happen.
I can get Mosins for $65 all day long already, and Yugo SKSes for $150-$200 if I want to go retro.
On the one hand I'm still intrigued with the possibilities, OTOH I have no idea how to apply for it or how much it costs and if it's even worth it any more. It seems like the well has dried up on that one.