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Haven't Looked Back
I rooted my 1.1 Nook Color about a month ago via NookDevs. I love it! As a photographer enthusiast, I like to show my fotos to people that wish to see them. The HD screen is beautiful, Android works great, plus I still have my B&N UI to pull back to if needed (not). What's nice is that you can revert the NC back to its original if you're not satisfied. As for effect on battery life, in my case, seems to be the same. Some guys on NookDevs have been creating programs to overclock it AND create longer battery life. Haven't tried that yet, as I'm waiting for a little more feedback from those who have overclocked. More info can be found at the NookDev web site. I have the full Android Market now and I haven't looked back.