I have a Nook Color running CM7 and I get a lot of use out of it. It's not quite as good for reading novels as my Sony, but it's very good for reading comics, graphic novels, and magazines - and the Sony can't do that at all.
So, while it's not a better reader (though I do like being able to access books from every store on one device) than the Sony, it's a more suitable device for me because I'd need to carry a second device to do the things the NC does that the Sony doesn't do at all.
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