Well, it might connect but won't give you the fast charging ability of the stock nook cable (which has additional connections for the 3-4 hour rapid charge). Provided that you connected to a 2 amp source, you might get a charge after 8 hours or so, and if you had a 1 amp charge, _IF_ your screen was off perhaps after another few hours (12?).
So, I tend to charge my devices overnight, so 2 hours or 6-8 hours really doesn't usually matter to me.
I see this dock as being a neat way to use the device at my desk (twitter feed, play music, etc...) as well as a stand to charge with.
Some folks have mentioned that standard MicroSD's don't charge the nook. I have used many different charging cables for my Samsung Captivate and found that the nook charges (and never complained about the time to charge).
Also, I checked out the Flyer at my local Best Buy store. The Flyer has a proprietary connector that is a modified MicroUSB connector. However, a standard MicroUSB also works. Looking at this item, seems that the stand from HK uses standard MicroUSB.
I'm guessing that the biggest issue I could come up with is 'fit' of the nook in this stand. Specifically, do I need to modify the stand so the back of the nook sits flush against the stand and doesn't put too much stress on the USB connector (assuming there's some space between the nook and the stand).