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I'm an attorney, and I can promise you that not matter what you think, feel or otherwise have a pipedream about, if you root you have voided your warranty that very moment. Reverting it, from a legal standpoint, does not change that, and if squaretrade or B&N finds evidence of you rooting, they can send your Nook right back to you as a nice paperweight.
Another user pointed out earlier in this thread, "right or wrong" is largely irrelvant to what is "legal" especially in the realm of civil action. Having said that, rooting is perfectly legal. Its your toy and you can do what you want to with it. But you have broken your warranty agreement and are no longer entitlted to replacement or repair without cost.
The nookdev folks have done their due dilligence in warning folks, and the warranty is relatively clear as these things go. It may or may not seem "fair" to you, depending on your understanding of the open source nature of the system, but the law doesn't care about fair. If it did, my profession would be much, much simpler.
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