Are you looking for the perfect Christmas present for someone? I discovered today that Barnes & Noble sells refurbished Nooks on eBay at a discount. Here is the refurbished wifi Nook. Because it is sold by Barnes & Noble, you still get a 1-year warranty, and you save $30. Free shipping, too.
The wifi-only model does have a bit of a disadvantage, since you can only buy and download books when you have access to a wifi network, such as in your home, at a Barnes & Noble, or someplace else that offers wifi. I'm considering getting one, since I already know I really love ebooks, for use around the house. When I go places, I can use my iPhone, which will give me a connection to the Internet if I need it. Because the apps sync now, I'll always have my most current location in whatever book I'm reading.
Other advantages: the longer battery life of the Nook (the iPhone battery drains more quickly now with the new Nook app as opposed to the B&N eReader, the old app, probably because the new app is always syncing via the Internet), and being able to share my ebooks with my husband more easily (he can read on the Nook while I read on my iPhone). Hmmm... I always said I wouldn't spend the money when my iPhone serves just as well, but at $119, maybe it's worth it after all!