My comments:
Rooting: go to xda-developers, and look in the Nook Color development sub-forum for both rooting, unrooting, and froyo(2.2) and other options, e.g. overclocked kernels, clockwork mod(this is VERY useful if you plan to keep the NC and experiment with various firmwares, personally I call indispensable...), etc.
NC: in general I got mine as a poor lighting/night usage reading device. If you mostly or will use it a great deal outside in sunny conditions with little shade or other brightly lighted conditions, the color LCD devices are just not a good choice v. eInk, greyscale LCD, or PixelQi screen(Notion Ink Adam, c. $500 10" tablet).
I still use my PRS-505 in the summer when I started experimenting with Android tablets as most had shortish battery life to begin with (6h or so) and MUCH less in sunny conditions as even in the shade I had to jackup the brightness to 50% or so to get comfortable readability on the screens. I expect that the NC will be the same but by the time it came out and I acquired one it was the middle of winter and dreary most of the time, and even when it's "sunny" it's nothing like summer bright.
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