Just found this on a B&N forum. Person says there's a one-click conversion process with the NOOKcolor as a device choice. It's Windows based, but I know many Mac folks use Windows on their machine.
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My husband downloaded a program called DVD Catalyst (I think it was around $10) that rips DVD's for a variety of devices. He's been using it for months to put movies on his Droid X, and it just added a setting for Nook Color to automatically optimize video files for us. It has worked PERFECTLY and now I just need a bigger microSD card so I can carry around more of my favorite movies and shows!
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http://www.tools4movies.com/