I own both. There is a reason that B&N does not list the browser on the touch. Rather poor at this stage--DO NOT purchase Touch for the present browser. The browser on the color is much better. I've had my nook to China, Europe, Canada, and Mexico--charging during the night. Not a big deal. I prefer reading from the Touch--it really is less eye strain--even though the B&N color is still quite good. PDFs on either are poor (maybe terrible on the Touch?)--eZ pdf viewer is much better on the color.
I also own a Sony pocket edition. Wonderful little reader that fits into a shirt pocket, but the Touch reads easier--much better touch screen. Sony, on the other hand, has a wonderful library system compared to either of the Nooks. Load a tagged book from Calibre and that is the folder that the book will occupy. Also, it has a rather good pdf viewer. Not worth $179--I paid $119--I have recently seen it for $99. Rumor has it that Sony will be selling updated viewers in the near future (probably still overpriced).
Rooting--my color is running from an sd card. I love it. Several web browsers are available. I have heard that the nook runs faster when hard rooted--I have seen them, and the speed does seem much faster than my sd. I strongly feel that running from sd and keeping the nook in original configuration is the best way to go. I would also suggest installing a dual boot which is available on the internet. Sd card is very easy to set up with instructions on the internet. If you have the downloaded programs (all free), the setup takes about 10 minutes. I have tried several sd cards--most work poorly (even though good quality and specs.). Try a Sandisk 4gb class 4 card. Best Buy had them, but I cannot locate them recently. I purchased my latest (for my daughter) from Walmart
Touch root--soft root has been accomplished that anyone should be able to follow. Keep the original configuration as well as being able to add android apps. The market works, but not well. Amazon app store works well, and one can obtain several different browsers from them, as well as many different apps. The refresh rate on some of the apps are terrible. I'll stick with only rooting the color, but it would be nice to have a browser and "good pdf viewer" on the Touch.
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