This camera is great for those new to SLRs and professionals alike. It doesn't have all of the bells & whistles of the D80 or the D200, but it has more than you will ever need. With the money you save on the body, you can invest in some of the new Nikon VR Zoom lenses. Superior to the discontinued D70...and as good as the D80, except for the superior waterproofing (coupled with 4 more Mp) of the D80. Of course, the D200 is a better camera, but it is overkill...and it also costs a small fortune. The D40 does not allow for use of all of the lenses, so the D50 is the best choice. If you have unlimted bucks and you are the next Ansel Adams, go with the D200 and all the VR lenses; if you are a normal human being who has a budget, get the D50 and get some Nikon glass with what you have leftover. 

UPDATE: I had a chance to use my Nikon 70-300 VR lens...and it is awesome! The best $600 I have ever spent for a camera or lens. I plan on also getting the 24-200 VR next month. The VR lenses take out ANY camera shake and are also good for about FOUR f-stops. The sharpness is unbelievable. 

UPDATE #2: This is a very important point to anyone interested in buying one of the Nikon VR lenses for their D50/70/80/200. The 18-200 VR lens is out of stock at most legitimate sources, like Adorama and B&H.; Do NOT buy this lens, or any other lens, on eBay; you will either receive a grey market lens, pay an outrageous premium for it, and/or just get flat out ripped off entirely. The VR lenses were produced in a supply that did not anticipate the incredible demand for these fantastic lenses, so we are in a suppy and demand situation...and the unscrupulous are taking every possible advantage of it. I have seen these lenses listed for as much as $1,200. Your best bet is to buy the 70-300 VR now...and either buy the 24-120 VR from a legitimate source (cost should be around $520), or wait until the 18-200 VR becomes available again. Caveat emptor. Best Buy is listing this lens for 899.99, and that is still about $150-$180 more than the lens should go for. The results you will get with any of these wonderful lenses is great...and it is also well worth the wait. Keep looking at B&H; and Adorama's site, as well as your local camera store. BTW, your best bet might be in a small camera shop in a small town...just make sure that the seller is an approved Nikon dealer. To assure that you are getting a non grey market lens...look at the serial number...the first part of the number shoud be US...then the number. If it doesn't say this, you are buying a grey market lens. Aside from what I have described, the only way I can think of at this point in time to get a real 18-200 VR is in the D200 kit with the lens included. These are available just about everywhere...and no, they will NOT break out the lens for you. The set is only sold as a set. So, if you have been looking to upgrade to a D200 body....this might be the way to go.

UPDATE #3: Hey...I just noticed that when this thread comes up you get five sites hawking the D50...and they are all bad. If you see a camera going for an outrageously low price...just too good to be true...IT IS! These shysters will break open the box and sell you ONLY the camera for the stated price. They actually have the huevos to charge you extra for stuff that is included in the kit itself, like the battery, charger, and cables. LMAO

ESSENTIAL READING IF YOU ARE LOOKING FOR A CAMERA ON-LINE: Check this url and feast your eyes on scam central!!!

http://donwiss.com/pictures/BrooklynStores/

...and please pass this url along to anyone else you know that is thinking of buying a camera on-line or through e-Bay! You will be providing your friend a true service!!! If you happen to stumble upon any of the places listed in this guy's expose site, don't just walk, don't just run, but run very fast away from it.