I didn't see it mentioned on here about the Camera RAW 2.2 plugin update being released a couple of days ago. I found out the real scoop on this deal-
In order to open D70 generated NEF files (before the new plugin was released) you had to take Nikons NEF plugin that came with Nikon View and put it in the photoshop folder, which would give you only the ability to adjust the exposure and white balance (and white balance was only adjustable to the auto's from the camera - you could not fine tune it like you can with Adobe's Camera RAW plugin.)
Now, everything is howdy-doody. I'm so happy to feel included in the PS world with my D70.

Chip