I should have been a bit more thorough.
It's not going to be a crisp HD monitor, more like an LCD but for an extra $50 I felt you'd get a little more for your money. It's not bad as well but comparing it to a tablet is a bit unfair. Nook connects via Wifi and you can upload pdf files, get free ebooks from libraries or go to B&N bookstore.
It's a book reader with very light Android application usage and internet/youtube connectivity. I believe you can upload photos too. Might not be important but I can see it making a fairly expensive digital picture frame (always wanted to get one of these).
If you love reading books (Kindle and Nook B&W have better readability) and do not have a need for those other apps then a regular Kindle/Nook may be more than enough. But if you want those other aspects it doesn't hurt for a little more money. I didn't like the turn page button for the regular Nook and Kindle but prefer the swiping feature like an iphone.