I guess my skepticism was not justified. It looks like clever hackers are already running at least one killer app. The steps appear pretty straightforward to getting the Android version of Pandora running on the ebook reader. The instructions are shared through the same site that initially had the howto on rooting the device.
What is even more encouraging is the plan to smooth out the rough edges of getting the music app to run and that it really is a proof of concept of how easy it should be to get other Android specific apps running.
I’d be curious to hear from anyone who has a Nook and is intrepid enough to give this a try as to how well these third party apps run and whether they make the device worth getting. The nookdevs folks seem to be moving at a pretty fair clip and their focus looks to be pretty broad, to provide a suite of hacks that open the device right up for anyone following after.