I'm not an expert in this kind of thing, but I did take a quick look at the DNG specification on Adobe's site.
The impression I got is that, like TIFF and unlike e.g. the GIF format, DNG is more a framework than an actual format. TIFF (Tagged Image File Format) is really a framework through which information ("tags") can be attached to images. This means that, in order to read a TIFF file, you need to have a program that actually supports the tags used in that file. I've come across TIFF files that could be opened only by some TIFF-supporting programs, not others.
What I read in the DNG spec seems to rely heavilly on "manufacturer notes", fields that are specific for individual companies. I don't know if that is only for certain EXIF information, or if that includes things like white balance information, which is where incompatibility issues become important.
On the other hand, the NEF format is not really a proprietary format. The way the current Nikon cameras store data in the NEF file is pretty well documented in the "dcraw.c" program, which is publicly available. I looked around in that program as well and found that I could always use that to access my NEF files. As a software developer, I could always use that to write my own program to access my NEF files. Of course, non-programmers don't have that luxury, but there are plenty of free and low-cost programs around that will support the NEF file format to feel confident of support for this format in the years to come.
So for now, I feel NEF to be a much better way of archiving my images than the DNG format.
Best,
Eric
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