>It depends on whose raw converter you are using.
>
>Nikon's raw converter (View NX and Capture NX) should show you
>the same results as the JPG since Nikon applies all the camera
>settings to the raw data by default.
>
>Most/all third party raw converters do not read all the
>proprietary data in the NEF file; thus they will show
>something different than the camera's JPG depending on what
>are the default settings are for the third party raw
>converter.

Good point!

Mike