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I think that there have been some problems with last page read, not just on the SD card, but also with ebooks in internal storage. This seems to sometimes occur after tethering the Nook and copying files to it. But this wouldn't stop me from getting the newer Touch device. They are just bugs that will certainly get ironed out, and not anything that is a shortcoming in the way it is supposed to work (for example the lack of a documented browser is intentional).
I have not had any trouble using my new Touch with stuff I used to have on my Classic.
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