Yeah give it a shot, if it lets you install with an SD card w/o rooting, go for it but keep in mind this is one of the easiest root procedures I've (most) have ever seen and the new capabilities are mind-numbing. I say keep the Nook and root it, you won't go back.
I bought mine for $230 (lucked out) and then a few days later turned out that eBay had a deal with B&N where you could get $50 off instantly so you could grab it for $199. Don't know how much you'd have to pay but consider that even at $250 after rooting, this is a steal for what you'll be able to do.
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