CrunchGear on the B&N Nook Color:
A black-and-white display is fine when youâ€™re reading text-heavy books. You know, histories, biographies, novels, etc. Maybe if you have children and you want an e-reading device a color screen would be worth something to you. You can read Dracula just fine in paperback form, or in black-and-white e-book form. The same probably canâ€™t be said about all those Dr. Seuss books: color is huge there.
It’s not just about color in books: magazines and newspapers are included too. Color can be essential in even text-heavy books like textbooks.