I have the original nook & love it. I have no interest in the color, not once I found out it doesn't have e-ink, which is what sold me on the nook in the first place. The color looks cool, but all I'm doing is reading on my nook, and I read a lot. I don't need the touch screen, or magazines, or kids books (I wouldn't let my little ones TOUCH my nook, and even less likely if it cost me $100 more). I won't use it for internet, or anything but downloading and reading books.
That said, my friend loves loves loves her nook color. She had the 3g & traded it in for the color. She loves it & won't go back, but she uses it for internet, and kids books, magazines, etc. She has use for it & says yes, it's worth the money.
Like PP says, it depends on what you'll be doing.

Do you have a store that sells them near you? Go play! I'm sure you'll be happy no matter what you decide. Nooks are wonderful!