>WFrom within PM, I can generate both jpgs and tiff >files based upon the NX2 edited NEFs. Admittedly, the quality
That's a good point. A year or two ago we had a lively thread where we closely examined the quality of the embedded preview. It is very good and in many ways indistinguishable as compared with viewing the NEF.
Having said that, it is a compressed lossy JPG of reduced overall pixel size and bit depth and all of one's edit history is not carried through to the JPG in any way (e.g., via a sidecar file).