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I used it when I had the D700, but I hated it. When I saw that the D600 has the u1/u2 settings, I knew I had to get it. When I switched to the D600, I instantly fell in love with this feature. I would've bought the D800 if it had this feature.. it is THAT important to me.
I travel and shoot a lot of landscapes.. and I've always wished for this feature. I've missed so many great moments because of the stupid custom setting banks.
Imagine shooting a landscape in Yellowstone, with all your settings in place, just waiting for the right light when all of a sudden, you hear a thunderous noise. You look behind you and an animal stampede is taking place. Do you pick up your camera and take your sweet ass time and fumble around the custom menu banks to get the shot? With the D600 (and D7000), you simply turn the dial to U1 or U2 and shoot. I wish Nikon implements this feature on ALL their cameras!
So much this. The u1/u2 method is brilliant because it does what it should: store complete camera settings that can be recalled and retain state unless deliberately changed. The shooting bank/custom bank combination (that doesn't keep state unchanged, and also isn't a single setting, and also needs more than a dial switch to change) is far less useful. It baffles me that Nikon hasn't put the u1/u2 style settings onto the mode button after releasing 2 cameras with the improved utility (sorry I forgot, only "consumers" want convenience).