Last week I finally broke down and bought a DRM book from B&N's website. It let me download an encrypted EPUB file, which I transferred to my Nook over USB. Without having to enable WiFi or register my Nook, I was able to open and read the EPUB just by entering my name and the credit card number used to purchase the book. (By the way, I only had to do this once.)
It still sucks because it's DRM, but I'm reasonably confident that with this setup, B&N can't remotely kill my books, and it should keep working even if B&N goes bust. You might want to consider it.