Sorry Kirk, I did not mean that PM was useless - only this feature in Windows.
I did see that, but I keep all my files in NEF format and I do not store ANY JPEGs on my hard drive. PM does an excellent job of creating JPEGs when I need them and then removes them when done - this makes for an extremely efficient system and keeps my hard drives very clean.
There are times when I need a NEF opened in NX2, and ACR, but also times when I just want to send a JPEG to Photoshop to add a border, or tweak a bit.