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Judging by how slow it seems from videos, I suspect the device isn't really going to win over people for technical superiority...it relies heavily upon superficial design and brand identity to influence the impulse buyer.
I think when being pushed in that style-before-substance fashion, the name "Nook" carries with it a lot of positive elements that brand strategists and marketing firms find useful for establishing market presence and brand identity quickly. It may not be the most impressive name to some, but that is a common enough phenomenon when it comes to successful naming strategies.
Identity and recognition will need to substitute where the technology is lacking.
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