1. Now I have access to the full Android Market and all of the apps there
2. I can now tether my Nook Color and access internet from my phone
3. The best reason, I now have Bluetooth capabilities and can use devices such as my Bluetooth headset (To make calls through Skype), an external Bluetooth keyboard, and to my phone to tether Bluetooth or share photos and files.
4. Also with the Nook Android App I still have access to all of my Books and Magazines.
So what's missing?
1. The Read to Me books from Barnes and Noble do not work, sort of a let down for my Kiddo. Hopefully that functionality gets added in soon.
So now the disclaimer: Rooting your Nook will void the warranty and if not done properly can damage your system. Do not take this post as advice to try this at home. Root at your own risk.
If you wish to unroot your Nook Color check out THIS VIDEO. Although I have not tried it yet. All in all I would say rooting makes for a pretty awesome $250 Android tablet.