One of my best friends in law school is a stringent Church of Christ member. He is conservative, but from my duscussions with him, he and a large part of the newer Church of Christ members don't hold to a lot of the distinctive and, daresay damnable beliefs of their forerunners, i.e. Baptismal regeneration and the exclusivity of the Church of Christ as the only true church on Earth, and rampant legalism. While he respects his elders, he disagrees with their legalism and even the restrictions on drinking.
They seem to be, at the youth and young adult level, becomming more and more like mainline SBC-ers or conservative Methodists.
The denomination as a whole is a puzzle to me. It would seem you can find a wide array of adherants anywhere on the scale of liberal to hardcore conservative, but one of the over-arching themes of the denomination is the semi-gnostic tendency to hyper-extend the fall as not only corrupting everything pervasively, but corrupting everything fully to the point that it is unredemable; that the flesh is somehow "dirty", and any product thereof to be tainted with the same filth.
From this, I think, stems the rampant anti-intellectualism and anti-theology "theology" that characterizes the church, I think, universally. I worked with someone in the CoC campus ministry in undergrad who said he took pleasure in attempting to destroy the theology of other Christians, in a bid to "show them the error of their ways". I found it oxymoronically amusing.
P.S. Anyone have any idea why they are SO prevalent in the South? The CoC ministry is almost as big, if not bigger than, the Baptist ministry at the university. Demographically, among the law students, I think I am the only Reformed Presbyterian in my class, whereas there are several CoC guys. The President of the Federalist society (the legal conservative group I am a member of) was a CoC youth minister before he came here.
I tend to hang with them, because I know it's somewhat of a refuge for me, albeit my atheist friend actually changes his behavior entirely so-as not to offend me.

I know I won't pick up any bad influences from them in speech or behavior, and they're always very kind and friendly.