I would be remiss to encourage rooting a Nook Color without making mention that Barnes & Noble has been planning on rolling out updates to the device that actually include Android 2.2. The only thing that may doom this in my mind is if B&N wants to lock people into their app store apps or some captive portal or something, which would be a travesty. This is an awesome tablet and device, and I would hope they embrace the creative ways people are consuming it rather than stifle it.
I even have a second Nook Color just to test out these updates on a non-rooted device. The worst thing about being a tinkerer with systems is that I eventually start to hate rebuilding something I broke. It’s one thing to make your main system a strange operating system, but you eventually take less risks with it because you don’t want to fuck up your main system, yeah? Well, at least *I* have that hang-up. So I like having a backup plan in place where I have other VMs or spare systems to do my dirty work on.