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Yeah, it is much easier with B&N then with Amazon. Amazon you basically have to install Kindle for PC (or maybe Mac? Not if Calibre will work on Macs). You then load the book in to the kindle for PC app, grab it from the default kindle book folder and import it in to Calibre where it'll strip the DRM. Then if you want to run it on a nook you have to convert it to Epub.
I do this occasionally when an Amazon book is a lot cheaper than a B&N book and the AZW to EPUB conversions have all turned out excellently without lost formating or anything else like that. Only done it 3 times though, but all 3 were highly successful.
Every B&N book I buy I download and strip DRM. In large part because if I buy the book, IMHO, I darn well own that thing. I don't want to be limited to only being able to run it on a nook or the nook app. That said, I don't side load it back on, I download it over wifi to my nook simple touch, but I like having the DRM removed copy in case I ever switch ereader devices, or want to load it up on my ipad as well or something (I hate the nook ipad app as well as the kindle ipad app. They aren't the worst thing ever, but ibooks is so much nicer).
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