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In general searches, .BIZ domains are dealt with in the same way as .COM and other top level domains. The reason for not seeing them in the SERPS too often is purely down to there being relatively few .BIZ domains compared to the number of .COMs and the like.
That's just my personal opinion. I don't know how many other people might agree.
In terms of spam, there certainly seems to be a disproportionately large amount of junk mail eminating from a comparatively small pool of .BIZ domains.
For those whose preferred domain isn't available in .COM, .ORG or the like though, the .BIZ extension's a useful alternative.