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I had to exchange my defective color Nook (which I hadn't rooted) at my B&N store. The experience leads me to agree with those who think a factory reset would most likely prevent any problems with returns.
They took it back based on my word (the screen would black out completely, intermittently). I gave them a case number, as I'd already contacted customer service, but they didn't look into it.
I assume that it's perfectly legal for them to void the warranty with rooting and I think it's ethical (though I don't like it). The consumer always has the option of not buying the device. I also doubt they'll be enforcing it much, if at all, as it would require their front-end staff to approach this with a high level of technical expertise, and they'd have to be pretty sure they were right when they refused to take one back.
Also, credibility-wise, they might be on shaky ground if the claimed that some hardware failed due to rooting.
PS: I have since rooted my color Nook and am loving it!
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