New Full Color Nook Released Today... does it compare to Kindle?

Did you see the new Nook?? Very stylish, full color... $249 and it only has WiFi!!! And full color... really??? I don't plan on reading kids' books on an e-reader... and pretty much all other books are black and white. So, why do you need full color? And that price with no 3G??? I think it's a stab to try to regain part of the Kindle market... don't think it's gonna' work!