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For me, format is the key. I find reading text far easier and quicker on a smaller width text line (screen) than on my larger 15" laptop or 24" LCD monitor. Color makes no difference on text.
Color does make a difference for magazines, but so also does a larger screen because of the full page formatting needed to do justice to a magazine article with embedded pictures and images. Magazine formatting is entirely different and requires a different screen size (full page size) to adequately display a magazine. Color is OK if the screen size is adequate (laptop or monitor). A tiny picture on a cell phone or a miniaturized magazine page on a Nook screen is, to my eyes, inadequate.
I would buy the Nook for the no-hassle access to ePub from B&N in the event that they offered material unavailable at Amazon or elsewhere, but I wouldn't buy one to read text copy which has no color requirement. Color serves little purpose on a small screen.
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