It depends on the strat you want to use, and heavily dependant on tech rate speed also. If I have a good research bonus or tech rate is fairly high, you can research the extreme pretty quick and get a colony started there. The problem with that is twofold, though. One, you onlt get half production, and two, to get full production means an even longer research on the advanced tech. A benefit of this approach is that later ( if you have tech trading on ), the AI will pay some nice BC for the techs, even when there arent any left to be colonized, just be sure they wont invade one of yours!
Lately, though, I have started to ignore them all together. You get a massive leg up tech-wise when you spend those 20-30 turns researching other branches, like econ/production/weapons. Let the AI colonize them for you while they lose money for the first few months owning it, then research the tech later when your lab skills are higher, it might only take you 2 or 3 turns, invade them, and you have a partially built planet that might be a boost to your econ. right off the bat.
Of course if you are being diplomatic or dont want to invade that race, then that strat doesnt work too well