I just got my new D700 in the mail yesterday! Oh happy day! I love this thing. I tried opening the raw files in CS2 and they wouldn't open! Oh no! I have been shooting with a D70 for years(7 is my lucky number!) and I'm kinda freaking out. Is there some upgrade I need to know about for photoshop?

The D700 is not compatible with CS2.

You have to use Adobe's DNG converter to convert the raw files to dng. Then you can work with them in ACR.

I shoot with a D3 and have the same problem because I haven't upgraded my home mac to CS3 yet. So, I shoot in jpg+raw format so that I can preview the pictures in Bridge, and only bother converting the raw files I want to mess with. I actually like shooting in jpg+raw though. I file the jpgs away, just in case I need them, and it's really great to compare how the in-camera jpg conversion works and how it compares to a raw file.

Thanks Jules! I downloaded the converter and I feel way better now