Summary: :thumbsup:
As the creator of this "useful" thread (ehem), let me take the privilege of summarizing the important points to help the D70 owners on how to deal with the most talked about "Nikon D70 failed and continuous blinking of CF light (also known as FCB light metering failure).
Symptoms:
1) D70 CF light indicator continuously blinks and drains your battery flat overnight.
2) Press the MENU button and the screen will just display in half a second and then disappear.
3) Camera is totally out-of-order and can no longer function (time to bring out your spare body)
4) Metering is totally off and produced unpredictable result which is sometimes an early symptom just before you encounter items 1 to 3.
What To Do:
1) Dont panic! If your D70 suddenly goes offline, bro check the battery first. If you replaced the battery and the same thing happen, check the above symptoms esp. items 1-3.
2) If you are in a photo shoot/session, time to bring out your spare body and resume shooting (dont despair, worry about it later)
3) If the above symptoms appear, NO other option but to bring it to Nikon Service center for repair.
4) Dont feel bad, it can be repaired
Outlook:
1) This is a known problem (meaning, the problem was identified and a solution was also formulated/implemented) and the replaced component is free of charge (during warranty period).
2) The time to repair should take as little as 2-3 days to 3-4 weeks, based on the availability of the replacement spare part(s) and queue.
3) So far, there was no re-occurrence of the same problem after the repair (not that I know of, and also speaking for my own D70)
4) And lastly, a few cases with expired warranty (e.g. between 1-2 months) was able get their D70 repaired Free of charge kudos to Nikon Service Center (for how long, nobody knows. just try lah).
5) For those who are engaging in profit-related-photo-activities, always remember to bring a back-up camera body (better prepared than sorry).
Conclusion:
1) For those who felt bad about the experience (that includes me initially), just remember that the problem can be fixed and you're back in action. An "unconfirmed" post also pointed that batches after Sept 2004 might be safe from this problem. No specific batches or serial number can be identified and there are no confirmed statistics for this problem. Not sure about D70s though.
2) Cmon guys, as if there is a close competitor for D70 (except for D70s, obviously) in terms of value for money and performance. So for better or worst
we will be using this camera together with your lens and flashgun (hoaah, i-TTL wireless CLS wow!) for at least a few more months/years and who knows!
3) Anybody updated their firmware to 2.0, if not
what are you waiting for! The new firmware literally changes the look and feel of the MENU (for better I may say) and few other improvements here and there.
Ps: If this does not warrant a sticky vote, well pls make it. Thanks. 
