Hi, I recently got a D50. Just as you, I was deciding between the D70s and D50. Went for the D50 instead and didn't look back.
There's only 1 reason why I got D50 instead of the D70s......
The $400 savings when compare a D50 kit set with a D70s kit set is enough savings for me to get a better lens or add-on lens.
Now if you have Nikon lens already, this will be different cos you might say compare D50 kit with D70s body only then the price is only $200 diff. But in actual fact, there is bec I had also an older Tamron (Nikon-mount) lens and at first thought it should do. Now, my Tamron is still fixed to my old Nikon SLR and I'm happily using the kit lens.
Economics aside, how about features?
As I said, above was the reason why I bought the D50. But why I'm happy with the D50 still?
1) fast AF (some say even faster than D70s??? but definitely faster than my older Nikon SLR)
2) Light weight. I handled the D50 and D70s. If body only, they weight about the same in your hands, but add battery, cards (D50 uses SD while D70s uses CF), etc. I liked the D50 better because slightly smaller.
The Child mode is merely a scene selection compirses of a selected setting where the colours are enhanced, etc. View it as you would other scenes such as Portrait, Night scenes, etc.
As for other settings or features in the D70s, I didn't miss it. What are those missing from D50:
* Grid lines - DUn use it so dun miss it
* Second dial button - I'm happy with just one dial.
* LCD backlight (This is the backlight on TOP of the cam and NOT the Review LCD screen). I get all my info via the EVF and back LCD so dun really use the Top LCD so much anyway. Also, like many others do, use a torchlight if shooting in so dark a place where you really need one anyway.
That's about it. SO dun really need to make a fuss about D50 or D70s, really not much diff. Yet for me, the savings from D50 can go a long way.