I bought mine last week when it was on sale for 200. I figured even if I didn't like it as a reader, I would have a fun toy to play with after I rooted it.
As for reading...I'm afraid to say I don't use it for that. It's too heavy. My classic nook is as heavy as I can go when reading--esp if reading for hours. If I'm in a chair with my knees up and I can prop the color nook on my knees then it's not too bad. But for sitting on the train for 1.5 hrs each way during the commute, I need to be able to hold it easily (I guess my hands are weak
).
Plus it seems too much like a monitor when staring at it for over an hour at a time (even with brightness and background modified). Technically with monitors you should never stare at it for that long without looking away every now and then. But that's not how I read. With my classic nook, I have no problem staring at it for long periods of time...and the classic nook is great on the beach.
However, I love my nook color and have been having lots of fun with the web browser and the apps. But then I don't have a smart phone so this type of device is all new to me. I'm glad I got it for $200--it makes a great inexpensive tablet.