There's been a lot of action lately with the hacked Nook Touch and the fast refresh hack (here, here). There have even been 3 videos posted with the Nook Touch playing videos (animated GIFs, but cool none the less).
I was all set to post those clips when I found one of the Nook Touch playing an actual video in a media player. The resolution is only 240p (hardware issues, I'm told), but it does work.
I now this isn't much, but it's still real video on an E-ink screen and it looks like it's nearly 30fps (20 frames per second, at least). We're living in the future.
BTW, it looks to me like the animated GIFs are actually faster. In case you're interested, they were made by converting a video to the image format. You can then open the GIF in Opera on your Nook Touch (or any other device, actually.)