Kirk:
I should of started off by telling you that I know just enough to be dangerous....especially about NEF-RAW. As it turns out I was only shooting jpeg's for the paper anyway, both for speed & storage.
(I'm starting to play around w/ RAW and pse6 didn't support it so I upgraded to 11)
So I went into one of my jpeg contact sheets and did the drag & drop into pse11, played around with it, saved it and it was put back onto my pm5 contact sheet with the changes, great.
The only thing I'm still missing is the one button "edit" from pm5 into pse11, but I can live with that. The thing that drove me crazy is that it opened pse11 when I clicked the "edit" button but no image, so I thought that I was missing a choice in the preferences drop down in pm5 or pse11.
Thanks a lot,
kr