What is the benefit of overclocking the nook color, and is there any disadvantages? Also if I'm using CM7 from an SD card but my nook color is completely stock, what is the best way of overclocking it?
If you are running a recently nightly or the latest stable CM7 ROM the overclock settings are built into CM7. It will increase the response time of your NOOK to some extent depending on how processor dependent a particular app is. The disadvantage is an increase in heat to some small extent. Most people set it to speed up on demand and not constantly which is another setting in CM7.