Yes, mine is rooted, and yes I use it primarily as a reader.
Rooting allowed me to read my existing Kindle books on the Nook Color, and also lets me use Aldiko rather than the NC's reader for non B&N ePubs. (I prefer Aldiko because it lets me read in landscape which is much easier than portrait when lying in bed - and it has much better brightness controls - also important at night.)
I also put the Comixology and Graphic.ly apps on it - as well as ACV - so I can also use it to read comics on a sharp screen in full color.
I rooted mine to make it a better reader - the other tablet functions are nice, but they're secondary to the primary function of reading.
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