I purchased a Nook Color earlier this year and I really have enjoyed using it. I do not buy many books, but I do borrow a lot of books through the Nebraska Library Commission. Sometimes there is a wait, just as there would be if you borrowed it from your local library. Something I just found about (or paid attention to) is that on Fridays there is always a free book to download.
If you have a wireless connection you can check your email, listen to Pandora, read the latest news--all for free. There are also lots of applications, free and for purchase, including the game Angry Birds. My grandsons like to play that a lot! Recently Austin was using the Nook Color to play Angry Birds and somehow ended up at the applications menu. He clicked on 'browse for more' and ended up buying a couple of games and books! I have since activated the password feature--hopefully he won't figure it out.