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From B&N's help page:
On Tuesday, June 30, we updated our BN.com ecommerce website with new features. The NOOK for Web "Read Instantly" function was not updated as part of this rollout. Our technology team is currently working on including the NOOK for Web "Read Instantly" functionality and we hope to have it available in the near future. We apologize for any inconvenience this may have caused and thank you for your continued support of NOOK.
My take, one or more of the following
1) they are so incompetent they didn't realize it was broken
2) it was behind schedule but someone's bonus was riding on making the 6/30 website release date so it was dropped
3) some security bug was discovered at the last moment (for example, spoofed ownership) so it got pulled.
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