I generally use ACR to convert my images, but occassionally, when colour is critical, I use ViewNX2 and bring the raw file across as a TIFF. While I am in the minority here, I find that while the Adobe software is quick and easy to use, it seems to occasionally screw up the RAW import.
If you read Adobe's website:
http://www.adobe.com/special/product...?promoid=DTEHE
This is full of "weasel words" which makes me suspect that Adobe / Nikon collaboration on NEF files is not what we end users would like it to be and that Nikon is protecting it's itellectual property...