Ok this is odd, I just installed the NC SDK 1.0 kit and started up the SDK Manager, on the Virtual Device I setup for the ColorNook.
It starts and I have a nice emulated ColorNook to play with... only now I have a app drawer above the ^ screen button, you can slide it open to see apps and if you click and hold one down, it goes to the home screen just like any android phone. The apps are a bunch of test apps, some work, some don't.
I don't know if this is a future behavior or not but it isn't a true (current) ColorNook experience.
So is B&N screwing with us, or is this coming in an update?