You have to think like someone who didn't purchase an Ipad, because of price. What do we really NEED - a portable device with free color internet access (doesn't have to be great, just no data plan), simple document (microsoft office and pdf) viewing and editing, ability to play standard format sound, video, e-magazine and e-book files created by the user or downloaded from a generic competitor, the 5-10% of apps that do something really useful for most people. And what are the bells and whistles we could do without- the other 99% of apps, pinch-and-zoom on the internet, name-brand music downloads and e-reading, cameras, etc.
I think nookCOLOR aims to do a good job with the needs- or at least will after the release of the app store (which will add SOME additional functionality- otherwise they wouldn't have one at all) and perhaps a software update or two. But like everything else from B and N, good things come to those who wait.