As a RAW converter for Nikon's NEF format, CaptureNX is certainly the best I've tried (and I've tried several, including Adobe's CameraRaw, HeliconFilter, DxO, RawShooter {after converting the NEF to DNG}, RAW_PhotoDesk, SilkyPix etc.).
CaptureNX is much more than just a RAW converter - it's also a powerful photo editor and many photos can be processed all the way from RAW to print or web without the need to use any other editor, however if your images have dust spots, then due to the lack of a clone tool in NX, you'll need to resort to Photoshop or Elements to remove them. If you're used to using Adobe's editors, then the NX interface may be a little daunting at first, but with practice, it becomes straightforward.
As reported in the 'Photo answers' review above, the Control Points are a very powerful tool, enabling localised adjustments to be made quickly and easily, that would take a lot of time and effort in Photoshop. The other tools in NX that I use regularly are 'Levels and curves', the excellent 'D-lighting' tool that can recover shadow detail and give an apparent increase to Dynamic Range in a similar manner to HDR, but without the noise penalty and artificial look that some HDR's display, the saturation and 'warmth' tool - particularly the 'warmth' slider, which can give striking variation to the feel of an image whilst still looking natural, and the superb Black & White conversion filter, which works in a similar manner to the new Black & White converter that has appeared in CS3.
Contrary to the impression of the 'Pa' review above, I find the batch conversion function perfectly adequate and reasonably easy.
Negative points are the lack of a clone tool and the rather rudimentary file browser.
Overall, an excellent piece of software, that for Nikon users, may be all you need for 90% of your post-processing needs. In my opinion, Nikon should bundle NX with their cameras - the bundled software is one area where Canon buyers definitely get a better deal! On the other hand, as an all-in-one NEF converter and photo editor (it handles tiff and jpeg in addition to NEF) it is worth the asking price and well recommended.
(Written by: HangTen)