1) LCD not eInk = headache, eyestrain, and difficulty reading in sunlight. Bye bye beach reading
2) Much heavier device = less pleasant long-term reading experience
3) Color LCD = much shorter battery life. Can't go on a 15 hour flight and hope the thing lasts the whole time.
"The Nook Color also packs WiFi, which allows for web browsing, email, and searching...When you get tired of reading you can access social networking sites, like Twitter and Facebook, and listen to music and play games."
I can do these things on my smartphone, which I'm carrying around with me at all times anyway, and doesn't need to be in a wifi network to allow me to do so. 7" is bigger than 3-4", sure, but I'm not going to leave my phone behind so these features seemed lessened in comparison to the deficiencies as an eReader.
So am I interested? No. Not as an eReader. As a cheap tablet? Seems to be lacking in apps, and seems to be a whole new platform for app developers unless I'm reading between the lines wrong and it does have access to Android marketplace.