If your main use is reading, I must say that I strongly prefer the e-ink screen and light weight of the original Nook. (Although the Kindle3 is my very favorite -- it's the lightest of them all.) Weight really does make a difference for long reading sessions. I mostly use the e-ink Nook in a easel-style case so I can prop it on the table and read while eating, while I use my Kindle3 naked for single hand holding.
On the Nook Color, the glassy screen smudges easily and is susceptible to glare. You can put an anti-glare screen over it, but if you are sensitive to resolution crispness (I am), the anti-glare cover degrades it somewhat.
The NC is a toy for me, I'm really not sure I'll even keep it long term. My android phone suffices for internet on the run, my laptop for more heavy duty out-and-about work, and for at-home reading, I love the Kindle3 (unless it is a library book or read-in-store book, then I switch to the Nook e-ink). Maybe if I didn't have my laptop with me so often, there might be a place for the NookColor, but it just isn't a good sit-down-and-just-read for hours device for me so it cannot replace my e-ink readers, no way, no how. If that's a primary use of yours, think hard about it.
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