According to a post on BN's Nook support forums, they have a firmware fix in the works for the constant "Formatting" delay/message you whenever you access a eBook. I'm assuming it's only supposed to happen the first time you open a book. That'll be a nice fix. Here's hoping their firmware bugfix gets released soon.
Looked around for a "Submit Feedback" link, only could find this:
nook@barnesandnoble.com
Wonder if our little helpful suggestions sent there (in sufficient numbers) would be of any influence/help?
Dave