I've had some experience with using .pdf on my nook color, and I've generally found that it meets my needs pretty well. The only problem I've had with it is that it doesn't support layers very well, and several of the books I've got in .pdf format - mostly tabletop RPG stuff - has pretty extensive layering to make for pretty hard-copy stuff.
I'd take out the layers, but my books are copy-protected. On the whole, the nook color handles .pdf *way* better than the original nook. Works great with the few novels I have in scanned .pdf format, though I tend to use Calibre to convert them into epub format before reading them.
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