I am using PM and normally editing NEF files in the new Capture NX2. Since I am relatively new to PM, this may be known to most users but since I didn't find any post, I am adding to the forum as info for anyone interested. The screen capture is the setup I use with Windows XP Pro.
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Capture NX2 works impeccably with PM. CNX2 follows the XMP/IPTC standards and correctly embeds the info in the NEF and further when the NEF is saved as TIFF or JPEG, so the keywords, and IPTC/XMP can be read by other applications such as Adobe Bridge and Lightroom.
It took me a while to figure out how to make it work. When I first installed CNX2, it seemed that the keywords and IPTC/XMP added in PM were sometimes read by the NEF files and sometimes not. The NEF never read them the first time the file was opened in CNX2, but sometimes it would show up correctly when the NEF was saved and then reopened. The solution turned out to be rather simple.
I had the options set up to write to the sidecar files, as per the example in the PM manual for Capture NX, so PM always made a sidecar file. CNX2 doesn't always read the sidecar files, but , of course, the information was still there in PM. The change I had to make in the PM preferences was to change "always create and update xmp.." to "If XMP sidecar files exist, add and/or update.." Otherwise, the settings are the same as the recommended settings given on pg 115 of the PM manual.
With regards to ratings and labels, if you want the to assign these in PM and have CNX2 read them, then you must check the small white box to the right of the label/rating field. The title of the label will show up in CNX2 as do the stars, but if you want the color, then you should set these up the same in preferences in both programs. If the rating or label is changed in CNX2, it will not be read by PM.