calibre does a lot more including conversions from a variety of file types to EPUB. It also has support for newsfeed subscriptions. If all you do is move EPUB files from your PC to the nookColor ADE would most likely work.
I did notice that downloaded ADE books didn't appear on the shelves. Another post somewhere on the forum says you can drag/drop the downloaded book's folder to B&N\Downloads from MyFiles\Downloads using your PC but I would guess that would confuse ADE a bit as it would lose track of the download. Not a big deal.
Unless you get in a rut I would guess that you will want calibre and ADE installed and occasionally do a USB connection to manipulate files.
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