Look out Kindle, Barnes and Noble is set to introduce their new “Nook” e-Reader! So far the e-book industry has been dominated pretty much by a single player, Amazon. The Kindle is far and away the best device for reading e-books and the selection of books is also hard to beat. The biggest downfall of the Kindle so far is the price point. While they have recently dropped the price of the Kindle to $279, which is a good start, the initial $400 price point was such that only the true early adopters could really even think of purchasing the device. Also, the device is good, and e-ink is a great concept, but it’s pretty much a proprietary device that allows very little outside of reading books and newspapers (for instance you can’t even surf the Internet with it).

So, enter the new Barnes & Noble “Nook” (the supposed name, all though this is unofficial so far). You can see pictures of the beauty here. The Nook will feature two separate screens, a top e-ink screen and a separate bottom screen which should feature multi-touch very similar to the iPhone. Best of all, the price point is rumored to respectable $259. True, it’s only $20 cheaper then the Kindle, but it features both multi-touch and, presumably, Internet access.

Of course, the big question is always content. One of the things that makes the iPhone such a great device (despite it’s many flaws) is the iTunes catalog and the App Store. So, how will the Barnes and Noble device stack up to Amazon’s content? Once again, rumors say quite well. It will feature full access to the Google book library as well as all of the items that B&N publishes. It sounds like the content will be quite robust. Apparently it will also feature an option that will allow people to lend their e-books to friends. That is pure awesomeness right there.

The big question will most likely come down to battery life. The great advantage that the Kindle has is that is can run almost forever because e-ink uses very little power. Where I have to charge my iPhone nearly every day, the Kindle can literally go weeks without a charge because it is so light on the power consumption. So, will the Nook stack up on battery life? If it can go 2-3 days I’d be happy.

One thing for sure, this is a shot across the bow to Apple. If Apple intends on getting into the e-book business with their rumored tablet device they had better hurry up, and they better offer their device at a reasonable price. However this shakes out, it’s good for the consumer, more competition is always good!