As an experiment, I opened a large novel epub on my computer in Adobe Digital Editions, on my Classic Nook and on my Color Nook. The text flow was completely different on the ADE display (the lines were wider). But for a given page (say the start of Chapter 8), all three showed the same page number. So, that pretty much proves that the epub file has real, recognized page breaks and the reflow of the text (depending on the device width, font, etc) has no effect on the page numbers. I was kind of wondering this myself and was not entirely sure till I did this.
However, note that there are "virtual" pages - i.e. depending on your font, a Nook page may encompass say 4 page turns, In other words, as you turn the pages, the page number stays the same for several turns, because you are still on the same page but it won't all fit on the screen so it takes several turns to get to the end of that real page. I guess this is obvious, but you might run into a problem because you will not be able to reliably tell someone which screen of a page particular text will appear. Probably not a problem, however.
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