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The issue of whether it voids the warranty or not is up to Barnes and Noble, and I'm sure there has been plenty of discussion on it, both pre and post-development. The issue of whether a particular activity is right or wrong is simply up to each individual, as it has always been.
I can say that when I personally decided to perform the rooting on the Nook Color, I just assumed the worst case - that the activity voids the warranty. I did a quick cost/benefit/risk analysis in my head, and went for it. For me, the risks involved in modifying a $250 device aren't really an issue. For someone who already extended themselves purchasing the device, maybe they would think differently.
<shrugs>
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