CrunchGear gives the NookColor a mixed review. They don’t like the fact that it’s WiFi only and they say that it is not readable in sunlight – even under an overcast sky.
Overall, however, they like it: The NookColor is an e-reader. It isn’t a tablet. Once you understand that and once you understand the market for the former and not the latter, the NookColor begins to make more sense. It is an e-reader for people who want small size, a bright color screen, and an usable interface for buying, downloading, and reading books. It won’t run Angry Birds and it won’t let you do your taxes. This is not a back door into the world of tablets.
Update: you can find a review from Engadget here. They like the magazine capabilities of the unit.
And a Gizmodo review here.