Nook Simple Touch and excessive legal agreement

I recently bought a Nook Simple Touch as a present. I have a Kindle and like e-reading sometimes and I thought this would be better for at least 2 reasons. One is I thought the touch screen navigation would be easier than the Kindle interface. Second I thought borrowing a library book would be simpler. From what I’ve read, with the Nook you just borrow the book from the library. With the Kindle you need both to borrow the book and have Amazon reformat it .

However, the first step in activating the Nook Simple Touch is agreeing to a 178 page legal agreement. I decided this is the type present I’d rather not give. I returned the Nook.

My question to Barnes and Noble:
Don’t you think this is a bit excessive?

A second question for anybody:
Has anybody actually read the whole agreement?