If it were named after a classic author, a common emotional response to the name would likely be "Oh, that stuff I had to read in school" or "only for highbrows", which is probably not what B&N was aiming at. And naming it after a modern author would appeal to readers of that author or genre, but might be a turnoff for others. I suspect "Nook" was intended to evoke a more general warm-and-fuzzy idea of reading as a refuge, a cosy little place to get away from the world. And any, um, alternate meanings would at least relate to activities that are generally regarded in a positive light.
