I know it's late to bring this up, since colorbox support is firmly embedded in this module. But I don't understand why we support colorbox instead of overlay module.
A lightbox (colorbox) is typically used for display of static content, like images or even video.
A modal frame (overlay) is for elements that have more interactivity; ie items that might have a form or links that you want to follow within the modal frame.
It seems to me that nodes more often fall into the second category than the first. Switching to support overlay would also eliminate all those pesky Ux problems around what happens when someone clicks the "edit" tab, or tries to comment, or follows a link etc.