Yes to all above descriptions of how to reset by powering up and down 8 times. I'd just like to add that I've been reading all the threads on several forums (here, XDA-Dev, Android, etc.), and I haven't heard of even ONE person who actually bricked their Nook -- every single person who made a mistake in the rooting process was able to successfully reset back to factory fresh.
True that on not panicking and doing random things in desperation.
The power on-off cycling WILL work to reset your Nook!