CECO is a wave energy converter (WEC) of the oscillating body type equipped with an inclined PTO system and being developed at the Faculty of Engineering of the University of Porto. In the last years, several research studies have been performed to assess and to improve the performance of this WEC, using both physical model tests and numerical simulations. The main objective of this paper is reviewing the most significant findings of past research works, so as to provide a detailed overview about the present status of knowledge, but also presenting recent outcomes on the development of CECO and the next research steps. It discusses the influence of the PTO slope angle and damping on the efficiency of CECO harvesting wave energy and describes its energy conversion stages. Furthermore, the intra-annual variability of the wave resource (i.e., on a monthly basis) is considered in the analysis of the influence of the PTO inclination and local water depth at the deployment site on CECO captured energy and captured energy efficiency, along the North Atlantic coast of the Iberian Peninsula. The results have shown significant differences between the summer and winter months and also highlighted the fact that the initial geometry of this WEC is more suitable for the less energetic wave climates, characteristic of the southern locations of the case study area and of shallow waters. The conclusions obtained supported the design of an enhanced version of CECO, prepared for the more energetic stretches of the study area, which presents a hydrodynamic efficiency of more than twice the original one, for the target wave conditions.