There is a pull request on co to use Bluebird. The comments there should make certain things more clear. co relies on the native V8 Promises feature provided in 0.11 while Bluebird aims to work well in 0.10 too. You can use co in versions below 0.11 but then Bluebird would be a better option. In that link, you can see that the benchmarks show that co is not slower than Bluebird, so that argument is incorrect.
Plus, it is only 300 lines of code, sticking to KISS is generally a good practice. So it is not recreating the wheel. It is slimming it down. You can read the code and understand what it does in few minutes. It took me an hour to read through the Bluebird API doc. There is also a mention that the V8 implementation is broken, so Bluebird may be used for an interim period.
Promise.coroutine
– Entreat