I picked up my new NOOKcolor, yesterday, at Barnes and Noble. As just an eBook reader, it is very impressive. But, I wanted to the full Android tablet capabilities, not just an eReader.
After searching all around the Internet for reliable instructions, I found a video walk-through on YouTube (http://youtu.be/A2-Zu6ADH_g), and a text walk-through on xda-developers.com (http://forum.xda-developers.com/showthread.php?t=987735).
In short, what this takes is a micro SD card, turned into a bootable SD card, with the new ROM on it. The walk-through on the xda site links to the needed image writer, the bootable image, and the new ROM. Those links are as follows:
The video shows a “Install Failed” at the end of the installation. I received the same screen, and after rebooting it worked fine. Once the tablet is rooted, it appears to work just like a regular Android tablet. I just rooted mine, so we’ll see how it goes throughout the day.