ndelaware
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Start here: http://www.dpreview.com/reviews/nikond50/page17.asp scroll down the page to see the comparison between the D50 and the *ist.
Here is a qoute from that review directly under the comparison shots:
"The difference between the Pentax *ist DS and Nikon D50 is pretty clear here especially at ISO 400 and 800 where the D50 continues to deliver clean tones the *ist DS is already looking speckled and somewhat noisy. Additionally there's no loss of detail in the D50 images which hints to either a very good noise reduction system or minimal noise reduction.
The graph below supports what we've seen in visual comparison, the D50 delivering low luminance noise levels especially between ISO 200 and 800. At ISO 1600 noise levels are similar to the Canon EOS 350D and Nikon D70 although with no obvious loss of detail. As mentioned above the D50's noise is most noticeable in the red channel (luminance is mostly made up of green)."
The *ist only gets a "Recommended" rating compared to the D50's "Highly Recommended" from DPReview who I don't think wear Nikon pjs. And neither do I since I've never owned a Nikon product.
This is from Cnet.com's review:
"The good: Svelte and affordable; logical interface; solid image quality.
The bad: Autofocus sometimes flustered by difficult scenes; auto white-balance setting mediocre for outdoor shadows or artificial light.
The bottom line: A great value per ounce, the Pentax *ist DL is a logical choice for budget-minded enthusiasts looking to upgrade to a digital SLR, but it's not ideal for shooting action or running on full auto."
From Macworld.com:
"Macworlds buying advice
If you already have lenses with a Pentax K, KA, KAF, or KAF2 mount and are looking to go digital, then the Pentax ist DL is an obvious choice. (Note that you can also use screw mount lenses or 645 and 67 series lenses with a special adapter.) If youre trying to choose between the DL and its main competitors, the Nikon D50, and the Canon EOS Digital Rebel XT, then youll find better image quality and more lens options with the competition. In the end, you should get your hands on all three cameras and see which one has the feel and interface that makes the most sense for you."
From DigitalCamerainfo.com:
"Low Light Performance (5.5)
In theory, any digital camera with a 3200 ISO rating and low noise scores should also perform well in low light. We tested the *ist DL by shooting exposures of the color chart at decreasing light levels of 60, 30, 15, and 5 lux. 60 lux is about what your living room looks like at night with only two table lamps on. 30 lux is the equivalent of a single 40-watt bulb. 15 lux is about what youd find in a broom closet with lighting coming from a hallway far, far away. 5 lux is almost total darkness.
The *ist DL was difficult to manipulate in low light. First, there were issues with the manual white balance. It had a really hard time measuring it and would read no good much of the time. When it did manually calibrate the white balance, it wasnt consistent or accurate, so we tested the cameras low light capabilities using the tungsten white balance mode. The second problem was the focus. As you can see, this Pentax has problems focusing in low light. The third problem is the color. The darker the surrounding light got, the more everything took on an overall bluish tint. All of the low light shots are splotchy and look like a cross between modern pop art and a Georges Seurat painting."
The Pentax is a good camera for the price. The D50 is a better camera for just a bit more.
Here is a qoute from that review directly under the comparison shots:
"The difference between the Pentax *ist DS and Nikon D50 is pretty clear here especially at ISO 400 and 800 where the D50 continues to deliver clean tones the *ist DS is already looking speckled and somewhat noisy. Additionally there's no loss of detail in the D50 images which hints to either a very good noise reduction system or minimal noise reduction.
The graph below supports what we've seen in visual comparison, the D50 delivering low luminance noise levels especially between ISO 200 and 800. At ISO 1600 noise levels are similar to the Canon EOS 350D and Nikon D70 although with no obvious loss of detail. As mentioned above the D50's noise is most noticeable in the red channel (luminance is mostly made up of green)."

The *ist only gets a "Recommended" rating compared to the D50's "Highly Recommended" from DPReview who I don't think wear Nikon pjs. And neither do I since I've never owned a Nikon product.
This is from Cnet.com's review:
"The good: Svelte and affordable; logical interface; solid image quality.
The bad: Autofocus sometimes flustered by difficult scenes; auto white-balance setting mediocre for outdoor shadows or artificial light.
The bottom line: A great value per ounce, the Pentax *ist DL is a logical choice for budget-minded enthusiasts looking to upgrade to a digital SLR, but it's not ideal for shooting action or running on full auto."
From Macworld.com:
"Macworlds buying advice
If you already have lenses with a Pentax K, KA, KAF, or KAF2 mount and are looking to go digital, then the Pentax ist DL is an obvious choice. (Note that you can also use screw mount lenses or 645 and 67 series lenses with a special adapter.) If youre trying to choose between the DL and its main competitors, the Nikon D50, and the Canon EOS Digital Rebel XT, then youll find better image quality and more lens options with the competition. In the end, you should get your hands on all three cameras and see which one has the feel and interface that makes the most sense for you."
From DigitalCamerainfo.com:
"Low Light Performance (5.5)
In theory, any digital camera with a 3200 ISO rating and low noise scores should also perform well in low light. We tested the *ist DL by shooting exposures of the color chart at decreasing light levels of 60, 30, 15, and 5 lux. 60 lux is about what your living room looks like at night with only two table lamps on. 30 lux is the equivalent of a single 40-watt bulb. 15 lux is about what youd find in a broom closet with lighting coming from a hallway far, far away. 5 lux is almost total darkness.
The *ist DL was difficult to manipulate in low light. First, there were issues with the manual white balance. It had a really hard time measuring it and would read no good much of the time. When it did manually calibrate the white balance, it wasnt consistent or accurate, so we tested the cameras low light capabilities using the tungsten white balance mode. The second problem was the focus. As you can see, this Pentax has problems focusing in low light. The third problem is the color. The darker the surrounding light got, the more everything took on an overall bluish tint. All of the low light shots are splotchy and look like a cross between modern pop art and a Georges Seurat painting."
The Pentax is a good camera for the price. The D50 is a better camera for just a bit more.