About 8 months ago I purchased one of these

http://jetbook.net/

The JB Lite version, mainly with the goal to read PDF's and reduce the size of some of our board packs.

It wasn't that good since it didn't flow the documents so you had to scroll around the document which is not easy to do.

Anyway, they recently released a firwware that allows the reader to read epub books from B&N. But when I went to buy a book to check, B&N wouldn't sell me the book because I didn't have a US IP address. But rather than try to spoof the address,I had my brother in the US logon to my B&N account and purchase the book. He then downloaded it and e-mailed it to me. Interestingly once he had purchased the book I found I could download it also so it seems the IP check is only at the time of purchase. Plus my account has a NZ credit card attached.

And I have been able to read the book(s) on a PC with Nook for PC and on my Nexus One using Nook for Android.

The book reads fine on the Jetbook and clearly manages the B&N DRM with no problem. But having encountered some problems initially opening the book I did look around and found that the B&N DRM had been cracked and it was possibe to remove the DRM from the book with some Python scripts!  It's not true hacking since the scripts rely on your knowing the B&N account name and the 16 digit credit card that was used to purchase the book. So it's more about unlocking contact you already own and perhaps want to move to other devices that don't support B&N's DRM.

As an aside I see once the DRM has been removed (I haven't tried this) you can convert the epub format to mobi format which can be loaded onto a Kindle to read.   I would like to try that but don't know anybody with a Kindle!