Not worth the money at all

Okay....there are now three Nikon lenses that are 70-300. The least expensive version is the G type, followed by the D with ED glass and now, about to be released VR version.
The G version is a relative bargain except that Sigma makes a version that is better and also has Macro. The ED version is around 300 dollars and simply not worth it. Image quality is just about identical to the cheaper G type, thought it's a more professionally built lens. The newest version has a VR and is a much more complex lens with more elements and VR as well. Let's have a look at the ED version.

Build:
This is a well built lens that handles okay. It is better built than the G version and Sigma versions. Many people shy away from the G type because it feels cheap, but you'll pay 150 more for better feel and get no optical advantages. The heavier ED type MIGHT get you more sharp shots though, so we shouldn't discount handling completely.

Color and Contrast:
Contrast is okay in good light, about on par with the lower cost Sigma 70-300 and about identical to the half priced Nikon 70-300G. Color rendition looks slightly bluish to me on a D80 body compared to my 18-200VR lens. Pixel peepers claim the ED version has better contrast than the G type, but I can't see it on a D70, D80 or D200.

Sharpness:
I find this lens less sharp than the Sigma version, especially at 300. It's fairly sharp at around 270mm and below. That last 30mm seems to hurt things a lot.

Auto Focus:
A bit faster than the Sigma version, but not by much. Hunts on occasion in poor light.

Reasons to own it:
Frankly, at around 300 new, this lens is matched optically by it's 150 dollar cousin, the 70-300G. I also believe the Sigma has an edge optically and has Macro which is missing from all versions of the Nikon 70-300. If you can do without the full 300mm, the Nikon 28-200G is a more versatile lens and is tack sharp throughout it's range. Everyone hopes that the new Nikon 70-300VR is better and it should be. Expect to see a LOT of older 70-300's up for sale!

Finally:
It's hard to suggest this lens when the Sigma is cheaper, better and offers macro. If you need the Nikon name put a Nikon lens cap on the Sigma!

Capt RB