Using the N7 now to write this review now. I bought the nook color from cow boom for $73 just a couple weeks ago without power charger and mod it to Android jelly bean. Then a deal popped up for a N7 16gb for $153 so I bit. I am glad I did as the nook color although useful at playing YouTube netflixs and email. I found it decent to surf the web and was to slow to play some games as it would cause a delay. It also wasn't able to play the vevo app for music videos which I thought was weird. After receiving the N7 I found myself using it more than the nook.
In short if you require moving large files and being limited to some apps and want to save a little money, the nook is for you. If you want something more functional and speedy then the N7 is a better option as it has a front camera and better processor. I like them both but for different reason.
Are you talking about the nook color or tablet? It's a huge difference.