I love my nook, but the fabric case I had caused the buttons to be pressed while the device was squeezed in my backpack, wasting battery power. My solution was to hollow out a book that was slightly larger than the nook and put the nook inside.
I loosely followed the steps of this instructable. I used small pieces of velcro to hold the nook in, and I strategically-placed standoffs to prevent the buttons from being pushed while the cover is closed.
After a couple of weeks of use, I can report that the case is holding up well. It retains the tactile "book" feel while allowing me keep the nook protected. All in all, I'm very happy with the outcome of this project.