Welcome!
I don't have a Kindle 3, but the difference between 1.4 and 1.5 with contrast and font is extremely noticeable. It looks great, very crisp and sharp.
The page turns are at least twice as fast and the finger or thumb swiping is so much easier to do.
The bookshelves on the nook will be similar (I assume) to the collections on the kindle.
I'd say it comes down to battery life, weight, and what format you need. The Kindle will be lighter and have a longer battery life. With the Nook you will be able to use library ebooks and other epubs.
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