According to Facebook, the issue is fixed.
http://www.facebook.com/#!/nookBN
Quote:
Thank you for posting your comments and technical issues here, your comments were helpful as our team identified and resolved the issue that a small number of you encountered. You can now re-register your NOOK Colors and reload your previously purchased content onto your devices. We apologize for the inconvenience this may have caused and welcome more feedback as you begin the re-registration process.
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Funny how they said "small number of you encountered." No mention of having to reshelve everything.