If you take the time to root the Nook Color I just don't see how it can be beat. Bottom line...you have yourself a tablet with an eReader program on it. And if you are like me and had already bought a Kindle 3, you just add the Kindle app to your Nook Color and now you can read ALL your books on once device.
About the only ding I give it is battery...mine lasts anywhere from 7 - 9 hours I would say. That's with surfing the web and reading and playing some games. I haven't tried watching a full movie yet. I would like to see a bit more battery life out of it...a solid and reliable 10 hours of movies would make me a very happy person.
I've gotten used to just charging mine every night.