I got the Nook at it's introductory price and have been thoroughly pleased with it. I have well over 300 books on it to date, some purchased from B&N, some from BAEN Books (I read lots of SCI-FI) and others. about 1/2 of the books are 'free' from google or the Gutenburg project.
Anyway, I used to do digital books on my Omnia phone but that was too small. Tried reading via PC but the backlit part was a killer on the eyes. The Nook/Kindle/Sony Readers are easy on the eyes.
B&N has improved the utility of the Nook a bit. They just added Wi-Fi access via AT&T. Not sure if that means I can surf or just buy books when I'm in an AT&T hot spot
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They've added a couple of games (Chess and Soduki) and internet browsing capability. I have not tried the internet past setting it up on my Wi-Fi at home so can't say if it's a pro/con yet.
It has been worth the cost to me of the reader. I'd love to see the price of the books come down given that there are no printing or shipping costs involved.