Hi Steve - First let me thank you for this post with its reminder to save your D700 settings to another CF card. I am new to the D700 and have never done a firmware update before so that I would never have thought to do that. Hence it would have been a great of work to set everything up again.
I have a few questions regarding your post.
1. If I do NOT save my D700 settings to another CF card, then is my understanding correct that if I then go ahead and do the firmware update, all of my values in my Shooting banks and the Custom Setting banks plus the values for the 4 Playback options listed in the Save/Load section of the D700 manual would all be wiped out? Is that understanding correct?
2. From the Setup -> Save/load settings menu, I pressed OK, selected Save settings and pressed OK and the camera created a file called "NCSETUP4.BIN". So, after the firmware update has been completed, presumably I just load the CF card containing the backup settings into the camera, navigate to Setup > Save/load settings menu, press OK, select Load settings, press OK again and my settings are restored. Is that correct?