I installed this ROM from XDA - Developers * [ROM][ZIP] Nookie Comb 0.4.2!!! (Froyo-based) Updated 4/2/2011 *(I used the non-overclocked one)
and the installation (following EXACT instructions went off without a hitch.

It is arguably the best software that I have seen for our Nook Colors because:

The Nook becomes lightning-fast even without overclocking.
We can now run Flash!!!!!
It incorporates the best-of-the-best software.

I had purchased a Xoom but returned it fora number of reasons (primarily because it was rushed to market before it was ready) - my Nook with the Froyo installed is, IMHO, far better (and the price cannot be beat)

I can not recommend this enough - thanks to the awesome work of Mikegonz over on XDA we can now have a tablet that is an IPad killer.

Any questions, please post and I will try to answer them.