@VK4CP, ATJ, John:
I had these same issues with Lightoom/ACR and that kept me using Nikon Capture until recently. I tried all sorts of calibrations but could never get the colours the way I wanted them to look and it all seemed like a lot of hassle when the Nikon default was right. I think part of the problem is that Lightroom has different defaults to NC and it also ignores (or can't read) some of the other camera specific settings. The other thing to remember is that a RAW file is something that needs to be interpreted to be displayed and interpretations differ. I wish Adobe's handling of NEFs was better out of the box but I'm sure there are good reasons why it's not... This is actually partly covered in the LR
FAQ:
http://www.adobeforums.com/webx/.3bc3d55aAnyway, for the last few months, I've been using Lightroom for all my edits (D200 and D70). How? Presets:
http://www.onethirdstop.com/ - these particular ones are for the D200 but they work fine on D70 NEFs too. D300 might be ok also but specific presets are coming for that soon. When I import my NEFs into lightroom, I tell it to use the D200 NX preset by default and now all my colours look
much better. Then it's just a matter of whizzing through the images and fixing exposure/WB and I'm finished.
For anyone who is unhappy with LR colours, give it another go with the NX presets linked above - you might be pleasantly surprised
Hope that helps someone,
Stephen