I don't have a Nook, but I do read a newspaper daily on the Kobo Touch. It works really well on it. Easy to navigate with touchscreen. I would think Nook would be similar, but I can't speak from direct experience. Depending on the magazine (i.e. if it's technical or has a lot of pictures) maybe a Nook colour would be a better option, but I can't speak to that.
One caveat: I would recommend checking out is to make sure that whatever newspapers/magazines you are interested in are actually available on the Nook (or whatever reader you choose) or in a format that is usable on it.
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