LCD is LCD, right now can't be compared to eink technology. It does not matter if we're talking about Nook 1st gen, Sony or Kindle, eink screen is way much easier to your eyes.
What about battery life? Even with Nook 1st gen. we are talking about 5 to 6 days of battery life with initial charge, 7 days with Kindle DXG and 3 weeks with Kindle 3. With heavy usage Nook Color will give you 6 hrs and maybe 10 with moderate use and no wifi.
You want to read Manga or PDFs? Kindle DXG! The 9.7 inch screen is perfect. The Kindle DXG supports PDF natively and even in portrait you can read easily and comfortable any PDF document.
I'll wait for an color eink device which I know is probably coming in 2011 or 2012. Meantime I do believe that if color is a "must", most suitable alternative is a tablet.
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