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One thing you need to decide is whether you are willing to read for long periods on an LCD display. The LCD display has backlighting and refresh, both of which can be tiresome to the eyes (i.e. if you don't mind reading books on a computer screen, then the LCD should be fine). An eInk display (what the nook classic and Kindles have) has neither backlighting nor refresh. The intention of the eInk display is to electronically recreate the experience of reading from the printed page. The eInk display does this admirably.
Battery life is longer on a device with an eInk display because the display does not take battery power once it is displaying a page. Page turns (i.e. changing the content of the display) uses battery power, but not a lot even then.
I have a nook classic, a Kindle DXG, and will have a Kindle 3 tomorrow. From my perspective, all of these have advantages and disadvantages, as I am sure is likewise true with the nook color (and everything else in life...). If you can spend some time with the devices you are interested in, just working with the controls and actually reading from the display, you will have a better sense of which device fits the way YOU like to interact with it. That is really the determining factor in the end.
Personally, I am finding that I prefer the Kindles to the nook classic for various reasons, but I would not say that one is "better" than the other. However, to me, the nook color seems to be a different "animal" altogether because it is really an Android tablet (and a very nice one at that) even though Barnes and Noble seems to market it as an ereader with the potential of a tablet. Do you REALLY want to read for extended periods on an LCD? Only you can decide that.
I want an ereader, so I am not really interested in a tablet and running all kinds of apps (I have a laptop for that). What I do want is a display that is easy on the eyes for extended reading. For me, that is an eInk display and not an LCD display.
Tony
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