I've heard CO shift a few times, myself. Sometimes it's a somewhat slow creep, accompanied by a change in the keying quality and strength of copy; I've assumed that these were due to the sun coming out or going away, and delivering more or less juice to the panel. Sometimes it's been a more dramatic jump, which may or may not also come with a change in keying character and signal strength. Sometimes it goes away entirely, or that may just be propagation. On one or two occasions, I have heard some variation, only to find that it was sending a different string once it returned to normal again.

I tend to catch more weirdness with CO than with the other beacons I hear semi-regularly. This is probably because I listen for it so much more than the rest; CO frequently has messages, so I tend to park the radio there often, in hopes of catching the next one. While it's sitting on the frequency, I'll note shifts in frequency, chirp, and clarity, as well as general changes in signal strength and propagation effects.
I also use it as a gauge for when I may be able to hear other beacons in the area. Since it's usually the strongest one I can receive in the region, a strong CO means I'll have a good chance of hearing others as I run down my list.