It's interesting how much of the Fire v. Nook Tablet discussion is about on-device storage, and in particular storage needed for video content. It's irrelevant when one is talking about streaming video, and for all intents and purposes the two devices are The Same on that account (Hulu+ notwithstanding). Even purchased Amazon video content is streaming video, there is nothing to download (well. perhaps we'll discover that you can 'pin' video so it is cached on the device—but there's been no mention of that capability). Only Apple offers paid content that you can download and view with iTunes or an iOS device when off-line. But they have not seen fit to release iTunes for Android for some reason.
In terms of storage, obviously, if you are one of those strange people who have the time and determination to rip DVDs and maintain a library of digital content that is locally accessible, Nook Tablet is the way to go. But I would point out that the vast majority of people, including myself, don't fall into that category. It requires additional capital investment and most expensive of all, time.
As someone who has pre-ordered Fire, and has Netflix and Prime streaming, I probably will watch the occasional streamed video on it when travelling (at home there are bigger screens and people to watch them with). That is, when wifi is free and willing (however, free wifi in motels is an increasingly dicey proposition, I am finding). But I've had this capability with my iPod and now Xoom for awhile and have not done much of this. There are too many books to read.
But I am somewhat concerned about storage for Apps on the Fire. Ironically, while Amazon Appstore has several times more apps than Nook App Store, and has the whole 'free App of the day' thing, it has less than half the storage for said apps. Apps can't be streamed, they have to be local, and most apps have some sort of data that goes away if you uninstall them to make room for something else. That is where I think Amazon has miscalculated, and sold their own Appstore short (unless they have devised some way archive apps along with their data, which seems doubtful). I have been using my iPod Touch for over a year and have about 5GB worth of apps on there that I run at least occasionally (of probably 10GB overall, which I don't keep on the device). On Fire I will have to be more selective about what I install. On the whole, however, I'd rather save $50 now that I can spend on the next thing.
B&N really should get think about getting their app in the Amazon App store. Kobo is there, and there are a couple of apps that can read books purchased from B&N, but why not 'Occupy' Kindle Fire?