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Adobe's DRM isn't quite the same as the "PID" approach used by MobiPocket, but the effect is similar. With Adobe, you register a device to your AdobeID (up to six devices at a time, one must be a Windows PC or a Mac) and then any standard ebook downloaded with that AdobeID will work.
The Nook fully supports "sideloading" standard Adobe DRMed ePubs and PDFs. In other words, you copy these to the Nook using USB, rather than wireless. This includes Adobe lending library ebooks. At least, we assume so - it won't be certain until someone actually gets this to work on a Nook.
This is the way all current EInk readers get access to Adobe ebooks, because none has wireless. Three devices with wireless and ADE are coming (the Nook, the Sony Daily Edition and the iRex DR800SG) but none will be able to download wirelessly from a lending library - they will all be sideloading such ebooks. You download the ebooks from the library using desktop ADE (Windows or Mac, both free). If your EInk device has been registered to your AdobeID, then these same ebook files will work on the Reader and you just need to copy them over. Desktop ADE can copy them for you, or you do this yourself via the USB filesystem (which works like a USB memory stick).
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