Thank you for the wonderful and easy to follow guide. I just picked up a nook color because it was cheap and decided to use this method to install on the EMMC vs the SD card install that I did for my GF's nook last fall. The EMMC feels a little snappier to me with CM 7.2.
I had 2 small hiccups. The first, my SD card is not compatible with the nook when running cm7. Its weird, i was able to install everything fine, but the card is just not recognized by the device now that its up and running. I am not surprised though, because I had to use a different card for the last install so I wasn't expecting much.
The other issue I had - when going to the android market, apps would not install. I did a factory reset from the settings and used a different google account. After doing so, its working fine!