Nikon D70 + Sandisk Extreme III 1GB. Mine shows 94 in raw mode when
empty, but its obviously reporting conservative. ATM mine shows 83
available while there are 22 shots on disk, which adds up to 105. I
think the 94 is worst case. Image compression is variable depending on
the content of the images, so the best it can give is a worst case estimate.

Mine shows 94 when empty.

Yes, it grossly underestimates the capacity.  You should be able to get
about 170 on there, if not a few more.

                       ^^^^^^^^

    Do you mean "SanDisk"?  That is, at least, a brand which I know.

    That's pretty close to what I get (97) with a 1GB Lexar 80X CF
card.

    Why?  Neglecting overhead for EXIF data, and the JPEG thumbnail
built into each image, a 24-bit (e.g. 8 bits per color) image at
3008x2000 image would add up to 6,016,000 bytes -- which would give
166.22 images in 1e9 bytes (commercial "gigabyte") or 178.48 images in a
*real* gigabyte (1,073,741,824 bytes) -- but the RAW images are not
24-bit images.  There are extra bits per pixel, which is what allows
adjusting the image intensity without serious loss.  Assuming 12 bits
per pixel comes close, and since you consider that in reality you need
to store *four* 4-bit lower sections of each pixel (three colors, and
the rest to use up the remainder of the last byte), it comes out pretty
close.

    You're just not accounting for the extra information stored in
RAW mode beyond the storage of the 8-bit pixel values.

    Enjoy,
        DoN.

It always reads low. I have a 2GB card, and it shows 189 remaining when
empty (RAW mode). I have 120 shots on it now, and it shows 135 remaining.
Similar to a '65 Mustang gas gauge, it's accuracy increases when you get
close to empty.

That's about consistent with my 7D with 1 GB (108 is the predicted
number).  Minolta reccomend that you use the in-camera formatter.  I
agree that that makes sense.

1 x 1024^3 / (6.3Msens * 1.5 bytes) = ~114.  Not counting thumnails and
other file overhead.  The prediction may be biased low to account for
worse case thumbnail sizes.

Cheers,
Alan.

Mine shows 94 NEF exposures remaining when empty, but I've never gotten
fewer than 170 NEFs and as many as 210.  Nikon is just being *really*
conservative with their counting.

- John

Does your D70 have "compressed" raw capability.  If so, Nikon's exposure
counting seems to always assume you have it "on" whether or not you actually
do.  A comparison of the exposures available with and without the compressed
raw on will bear this out.  Nikon just says the "compressed raw mode will
take up roughly 1/2 the uncompressed raw space", so you have to watch your
counter recording as you go along if shooting in "compressed raw" mode.
You'll find the actual exposure capacity to be almost double that shown.
Bob