Great news: this new software update makes it much faster. Page-turns are now as fast as the Kindle 4 and Nook Simple Touch. Navigation and menus have improved to be about the same speed as the Nook’s, and in the ballpark of the Kindle 4’s (but a bit slower).
I received a Nook Simple Touch earlier this week and, I must say, it has performed admirably in comparison to my Kindle Touch. I'll be delving into both the Nook Simple Touch and the Kindle Touch software update in more detail later this week.