Just downloaded Neat Image 5 and ran a quick test against Noise Ninja. While results were close - Noise Ninja wins on quality and still retains the speed crown (although Neat Image has made a huge jump in speed). I used auto profile for both to be fair. Here's a 100% crop of the upper left corner of the image - out of the camera with no noise reduction. 20D - 50 1.4 @ 1.8 - ISO 1600: 100% crop of Neat Image - notice the strange pattern effect: Full shot with Neat Image (reduced for web): 100% of Noise Ninja - much cleaner result - smooth yet retains the same detail as Neat Image: Full shot with Noise Ninja (reduced for web): While they are equally effective for web sized shots - for large prints Noise Ninja wins since that strange squiggly look introduced by Neat Image WILL show up in prints above 8x10. Hope this is useful.