This item might be posted in a post-processing forum, but it is my first post on Nikonians, having recently started with my first Nikon camera, a Nikon 1 V1. And this raw converter has proved itself to me on my Nikon NEF's from the V1.
I have been dealing with digital since 2004 and have used almost all the major image processing software over the years. I would like to recommend Photo Ninja, a raw converter from Picturecode.com, which produces superb tiffs and jpegs from V1 NEF files.
It has three main virtues:
1) its conversions in general are very accurate, detailed, artifact-free, and pleasing.
2) It uses built-in presets to facilitate effortless conversions, such as Scenic for almost everything except portraits, Portrait, Neutral, Scenic monotone, Portrait monotone.
3) It allows you to tailor its handling of 11 different aspects of conversion: demosaicing, color correction, exposure, color enhancement, noise reduction (using a current built-in version of the famous Noise Ninja), sharpening, chromatic aberration, vignetting, distortion, and cropping.
I am still learning, of course, but I would conclude at this point that except for localized corrections (a la healing brush) it can produce fully finished versions of your photos ready for cataloging, printing, posting, etc.
There's a lot to it, but if you haven't tried Photo Ninja, you should consider downloading a trial.