I just bought an iPad 1 this past week when they dropped the price by $100 to clear them out before the iPad 2 arrived. I had thought $500 was way too high for one, but $400 was a bit better though still high. I had played with them in the store a few times, but never had the chance to spend any time with one at home. Here is my impression of both:

iPad 1: Overall it is really cool. Apps work very well as does the touch screen and the iOS is a lot more mature than I thought it would be. (I installed the new 4.3.) It simply works, works well, and you don't have to jailbreak or fiddle with the file system to make it work. The screen is not as good for reading as the nookcolor screen, but it works well without eyestrain. And I have my choice of bookstore related apps (Nook, B&N, Kindle, eReader, etc.) as well as non-bookstore related apps (iBooks, Stanza, Bluefire, iFlow, etc.). Admittedly I bold the text on all my books regardless of which device on which I read them. But it is bigger and heavier, so it isn't as portable as the nookcolor are as easy to hold, but it is usable. Where it really excels is in the other apps (non-book related). I can sync my Outlook email and calendars, I can surf the web in a browser that is TERRIFIC, I can view PDFs and other office files without a problem. Overall, the iPad is a hands down winner as it has the better OS, apps experience, office documents experience, web experience, and best overall usability experience.

nookcolor: It has a great screen. That is about it. The stock ePub reader is very lacking in features and functionality. The web browser is just awful--it will not even properly display the B&N website. Android is designed for smartphones and to increase Google revenues and it really sucks on a tablet, so rooting is still not as good as a stock iPad. The NC if rooted adds a lot more apps, but the experience won't be as seemless and pleasant as the iPad. Overall, the nookcolor is an okay reader with a terrific screen, but it loses in every other categaory to the iPad, and since the iPad is more flexible (without rooting) as far as reading apps goes it pretty much ties the nookcolor in that area. The only true advantage I can see from the nookcolor is it is much more portable and a bit lighter.

Also keep in mind that I hate Steve Jobs with a passion and try to avoid buying Apple's pricy and overrated products, so I waited 9 months to get an iPad. I'm definitely not a Apple fan nor an Android fan. But my hat is off to Apple for the iPad. My nookcolor now sits unused and will soon go up for sell in the fleamarket.