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Here's my 2 cents as well.
The nook seems like a really interesting device. A cool color touch screen at the bottom to seems like it could be used for alot of cool stuff. I look forward to possibly taking notes with the nook using a keyboard on the color pad, viewing and navigating book/album covers. The e-ink screen of course will be ideal for viewing in the daylight.
I also have some reservations about the Nook. I've heard a couple stories of buggy Nooks (formatting issues, touch screen swipe issues, etc) and having to jump through hoops to get it working at all sometimes (having to wipe the nook, unregister the device, etc). I've also heard that sometimes e-books you buy are still in the pdb format. The primary reason I was going with the Nook over Kindle (aside from being a longtime B&N buyer) is that it uses e-pub.
Like madmak I do alot of reading in front of my computer. In fact when i'm not binge reading traditional books I spend every waking moment in front of my computer for weeks at a time (i'm a programmer). So the screen of the iPad will not bother me at all in terms of the reading. I've always wanted to read in the dark in bed, which makes the iPad screen ideal. The size of the screen of course beats any e-reader i've seen hands down. And of course it will be able to do lots of other stuff some useful for me some not so much.
The biggest drawback of course is the closed nature of Apple. I would buy day one if it were a completely open platform. Can you imagine being able to use it in place of a mouse? Or using it as a second screen for any PC/Mac you have admin access to? Instead, as many have put it, its essentially a large iPod Touch (which could be seen as a plus).
Bottom line, I will buy both an iPad and a Nook. I will probably wait until the second version of the iPad (which will hopefully get a camera and maybe at least one built in usb port). I doubt they will lower the price below $499 since Apple usually instead adds more features to keep their products worth the price (of course they don't always do that aka iPhone/iTouch). I will order the Nook Feb 1st and hopefully as the B&N site sais it will ship Feb 12. As much as i'm ok with reading on my computer, I would rather read in bed before I go to sleep, and I refuse to use my netbook for that.
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