WSJ has an article today about using a Nook Color as an Android tablet but I'm already way ahead of them! I bought a Nook Color last week and rooted it last night! I installed Honeycomb (Android 3.0) by following instructions at Android Central. It took less than 30 minutes.
There are still some bugs with Honeycomb on the Nook Color, but I'm sure they'll be improving over time. Very fun little toy, for not a lot of money.
Why can Barnes & Noble sell the Nook Color for under $200 while a Samsung Galaxy (same size tablet) costs $500? Well, the NC doesn't have a camera, GPS, or 3G modem, so that saves some money, but I bet the main reason is that B&N is following a different business model. B&N wants to make money by selling books, so it sells the hardware cheap. Apple, Samsung, Motorola, and other tablet manufacturers mark up their hardware 50%-100% above cost. No thanks!