The 60% number is also out of date - I've seen it somewhere online too. According to the Colgate website, for the class of 2009. the ED acceptance rate was 48.9% -638 ED applicants, 312 accepted.
I do think athletic recruits partially accounts for the ED rate: you have a relatively small school with Div I athletics. Most of the recruited athletes come in via EDI or EDII. I don't know if this is true but I also bet that a good percentage of enrolling legacies apply ED (this is the case at many schools).
I agree that Colgate, like many other schools, loves to be loved

It's also a nice thing to go to a school where a large % of the student body picked it as their first choice.