iPad - not only can it be an eBook / Reader, it's an iPod, gaming system, web, email, everything. It won't be too long, and textbooks for school (HS and College probably) should be delivered that way, even tests, etc...
Just my .02
also costs like 500-600 dollars. Not worth it IMO.
I also want one of these for Christmas, I saw a demonstration of the Nook (before the color version came out) and was hooked since then.
In my research, here is what I came up with, hope it helps!
Holding - Kindle is said to be easier to hold. Its lighter, and thinner. The Nook Color is heavier by quite a bit, and has some type of bulge in the back.
Back Lit - Kindle is NOT backlit, it uses an E-Ink screen, which looks much like a paper page would. Nook Color IS backlit, as it uses an LCD screen, but the lower levels of Nook are not back lit, they rely on E-Ink as well. Keep in mind that a glossy screen is part of the LCD deal, and it makes Nook Color hard to read outside.
Battery Life - Kindle wins out, as E-Ink uses much less energy than an LCD Screen. Its said the Kindle goes about a week without recharging when under heavy use.
Not sure really on durability, but these should always be used with a case as the screens are pretty much out there. Kindle has no protection over its screen.
Same with water resistance, I would assume the Nook might be a little tighter in water resistance department as its mostly a touch screen, Kindle has quite a few buttons.
The main difference from what I have read is that..
Nook has user replacement batteries, Kindle requires you to send it back in to Amazon (free of charge for the replacement though...I believe).
Nook also has an SD card slot for memory expansion, but comes with less memory than the Kindle to begin with. Kindle does not have the memory expansion, however its memory is decent to begin with and should hold tons more books than you will ever need.
Some complaints about Nook I have read include that it can actually do TOO much, with a cleaner internet browser, so one sometimes feels inclined to mess around on the internet rather than read...not sure if that is really a viable complaint though.
Also, Kindle CANNOT read Epub formats, which is only a big deal if you are wanting to use it at the library or something.
Kindle also has no in store support like the Nook. AND Nook offers free books inside their store for like an hour.
Ultimately I chose the Kindle with 3g capability for $189, although I have no idea if thats what I will be given, not that 3g matters too much anymore anyways. I decided the E-Ink screen and battery life meant more to me, plus the interface for the Kindle seems much better.