Buy the NC, root it, install the Zeam launcher, then install the overclock kernal at either 900mhz or 950 mhz (1ghz-1.1ghz if you're lucky!). That's pretty much the basics.
It has a great screen with very good touch sensitivity and the battery life is very good.
It's a quirky little system for several reasons:
1) Android 2.1 isn't meant for tablets, so you ocasionally get an odd app issue like things not fitting the screen properly. Some apps also default to a very small text size that makes it difficult to read (e.g. Pulse until the latest update).
2) It's got ONE physical button excluding the volume rockers, so this can cause issues that are easily solved but the issues still pop up occasionally. It's annoying and there is no perfect solution.
3) It's not nearly as fast as a high end phone, since its using the same basic hardware at a slower cpu speed, but the CPU/GPU are pushing a slightly higher screen resolution. The overclock helps a lot for this. Speed is acceptable to good, not great.
4) The Barnes and Noble software layer is still there. I'm sure this is causing some of the speed issues. Whether the people working on the root issues can remove this remains to be seen.
I don't think you can find something better for any price even remotely close to $250. If you can also use it for its intended purpose as a B&N book reader, then its even better. I've had mine for about a month and I never once regretted buying it.