Let's face it, B&N is in the business of selling books, not readers. There is always going to be something to differentiate their own offerings from sideloaded content bought via competitors. I for one am thrilled that this time around they have actually listened to complaints about organization and combined the two in the library app, moving the differentiation out to the home screen instead. I'll gladly give up being able to prettily arrange covers on my home screen for the ability to usefully organize and search my library.
Admittedly I don't yet have a nook color, and have just played with one for a few minutes in the store. Is there some basic, necessary feature the home screen and/or shelves provide that is not available for sideloaded content via the library?