It really comes down to what you will use it for.
The NookColor *does* have the better screen and touch controls.
But it is *not* an Android webpad tablet. It is limited to the apps B&N allows on it. The way they talk, I'm not even sure it can be hacked to get generic Android apps to run. So if the out-of-box NookColor meets your needs, it is a good buy.
The IQ looks like it'll need some early care and feeding.
Until we get some real-world reports on the release firmware we really won't know how the native apps will perform. The pros are substantial: you can just about buy an IQ and a PB360 for the price of the Nook (at least while the PB360 remains on sale at US$129.

) The screen has a book-like aspect ratio. It is, in fact, a wide-open android tablet, so yes; Kindle runs. Side-by-side with the Nook app, the Kobo app, Aldiko, FBreader, and the native Pocketbook reading environment. The latter, on the *eink readers* is a very polished and flexible package. On the IQ? Unclear.
Which brings up the cons of the IQ: it is a fresh release. There is a risk you might be in for a few months of wrestling with the "firmware of the month".
The touchscreen thing? All the evidence is the IQ's resisitive touchscreen is good but it is *not* a capacitance screen. Fast swipes will *not* be reliably detected. Taps, drags, and *slow* swipes will. That much we already know. It's the nature of the tech and part of the reason for the price differential.
If you can live with the lockdown B&N has imposed on NookColor it looks like a good buy.
If you can live with the uncertainty of its outright newness, the IQ could be a great buy. If you are willing to exploit the Android environment, rather than relying just of the included features, the IQ has a ot more to offer than merely ebooks in color for $150.
Me, I have a PB360 (and love it) and I'm intrigued by the potential of the IQ so I'm likely going to get one as my christmas toy. But I doubt it will displace the 360 as my primary reader; the 360 is too good for that, it fits my ebook needs too well for any touch device to replace it, color or no color...
Bottom-line: better screen and swipe-responsiveness with NookColor versus the freedom and significantly-lower cost of the IQ. You really *can* get a second reader for the extra $100, you know. A Libre, a Kobo, a Jetbook, a black friday Nook, a PB360, or even a Kindle WiFi.(A slight stretch the last two but the point stands.)
Neither looks to be a bad choice.