I'm looking through the FAQ for the Nook Developer's program, and I came across this interesting tidbit:
Will my Android application run on NOOKcolor?
Our products are reading-centric designed for the ultimate reading experience. Our e- reading platform is built on Android – however we have added unique customizations to deliver the ultimate reading experience. If you are adapting an existing Android application you will need to optimize for key features such as display size, customized UI and navigation. The NOOKcolor SDK will be available in the coming weeks and will allow you to quickly and easily optimize your application for our e-reading platform. To be notified on the SDK availability, sign up for NOOKdeveloper.
There's more detail in the PDF, but I'd say that pretty much settled the matter. Yeah, I know that this was covered in the press conference, but I wanted to see the documentation.
P.S. If you're going to nitpick and point out that the NC is running Android, yes it is but you're still wrong. Most every ereader on the market runs Linux, but they're not Linux ereaders. Why? Because you can't install Linux apps. This might run Android, but it's not an Android tablet (because you can't install apps.); it's a Nook Color (at least until it's jail broken).