I had the same prob. While checking my router out I found the time and date was off. I selected the router copy the time from my computer. After doing this the nook connected. So checking the time on the nook and router may be a good idea. hope this helps. If it does please post it here so others will know.
I was really hoping this would help, but unfortunately it did not. I checked my router and pc and nook to make sure they were all on the same time, and they are. Thank you for your help and I am glad this at least fixed your issue. Anyone else have any ideas?
This is hilarious! Prior to 1.0.1 I could connect fine EXCEPT for facebook - every 10 secs or so it would revert to the home page and kick me off - only with facebook, everything else worked fine from a wi-fi perspective. I manually downloaded the 1.0.1 update and now it is stuck in installation mode and is a 1lb paperweight.
As the NOOKcolor is a non-computer and non-phone device, you may need to change some settings on your internet managed routers.
1. Make sure your DCHP SSL is ENABLED
2. Make sure your Block Anonymous Requests is DISABLED
3. Make sure your Pass Phrase Security is OPEN and not Shared
This will not effect your internet or router security settings, it just allows for your router to recognize there is an alternate device attempting to connect to it.
I hope this helps!