Welcome lvillanueva5!
Just adding to what boswd said, you really need to decide what is most important to you. Do you think you might want to get digital books from the library? If so the Nook would be the better choice. If you are worried about battery life because you do extensive travelling, the Kindle 3 would be the better choice.
I like that I can buy books from all over with the epub support. You can buy mobi files at quite a few places as well (without stripping them), but epub definitely is easier to find. I would suggest going to this website:
www.inkmesh.com . You can type in what books you would be interested in buying and it will show you where they are available and for how much. That could help you to narrow down you decision as well.
About the colour lcd on the Nook. It is a small strip at the bottom of the device. That is why the battery is less than the Kindle. It is used to look at cover, take notes, search, etc... and no, the screens are not that different. The Kindle 3 is pearl and therefore better technology, but I can hardly tell the difference (after the 1.5 update on the Nook).
I have a little clip on light I bought at B&N that I use for night time reading. You can find them all over for any reader.
Good luck! I am sure you will love either device.
