The Palm Beach Post reports that Barnes and Noble has taken the big step and added color to the Nook. Competing with Apple's iPad and edging out the Amazon Kindle, B&N hopes to take a bigger piece of the pie from both its competitors.

From the article: "Barnes & Noble Inc. is introducing a new Nook e-reader with a color touch screen for $249 as competition in the fast-growing industry heats up ahead of the holidays.

As the first full-color touch electronic reader, the Nookcolor stands apart from black-and-white competitors like Amazon's Kindle. The device can be used to read books, magazines, newspapers and an expanded array of children's titles. It also takes hints from Apple Inc.'s iPad with more games, Web browsing, music streaming and its own application store. Like earlier versions, it runs on Google Inc.'s Android operating system.

Barnes & Noble, which announced the product Tuesday, said it will begin taking orders for the device online and in stores on Wednesday and begins shipping in mid-November."