I can't imagine that this hasn't been discussed before. The answers are always the same. Be sure the one you pick fits. The Colnago will have a longer front-center and slower steering, in most sizes.
You're kind of making an apples and oranges comparison, since the 586 is an integrated seatpost style. While I like the looks of the integrated post, the 586 costs $1300 more than a 585. The integrated post has some disadvantages, being more difficult to setup, perhaps harder to resell if the seat mast is cut down very short and you're limited to LOOK's seatpost. I much prefer a post with a 2-bolt angle adjustment as opposed to LOOK's single bolt style. The 585 gives more bang for the buck, particularly if you fit on one of the '07 leftovers going for $2200.
As C50 said its like comparing apples to oranges - the coparable Look bike to C50 is the 585 both jack of all trades with 585 perhaps gaining the upper hand in terms of weight and being a more modern frame - 586 is essentially a climbers bike.
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