Kindle Fire doesn't have microSD slot that Nook Color has thus it is stuck with 6 GB usable internal storage unlike Nook Color that can get up to 32 GB card in. Kindles are made to be almost like a "dumb terminal" of the past to make sure you're tied up to Amazon's storage on the web (for which you need Wi-Fi connection to get to.) and you can only store content you get from Amazon there, not other files and they can spy on your web activities through the new cloud-integrated web browser. Also, VERY IMPORTANT – lack of microSD slot means that if you decide to root your Kindle Fire, you’ll have to root the actual device thus there will be no coming back. On Nook, you can make it boot from a “rooted” microSD card and if you want to get back to the original Nook you can just take out the card and reboot. Nook Color still has the best on the market anti-glare coated screen that is better for eading/viewing outside.
B&N is rumored to be coming out with Nook Color 2 shortly that will sure to have Netflix app among others (you won’t find it on Kindle). Nook Touch is still better designed than even the new Kindle Touch with battery lasting two months with ONE hour reading a day with Wi-Fi off thus it's still twice as long as new Kindle's two months with HALF and hour a day with Wi-Fi off. It looks like Kindle didn't get any battery improvement in the new model, they only changed the test condition. More, Kindle Touch still flashes black on each page turn while Nook Touch reduces the flashing by 80%.