You can set LR3 to render the NEFs as pseudo Nikon rendered files, by using the option in develop to use 'Nikon Profiles' .. way down the bottom of the develop module on the RHS pane.
They're not the same, kind'a similar, but I wouldn't classify them as the same .. but is s close point to start with.
I used to hate seeing highlight that I got right in camera(and Nikon software!!) blown out in LR3 and similarly lost shadows.
Old news, the discussion has been going for a while since Dec '11.
There were some pitfalls, and issues that needed to be dealt with since the update to 64bit, but all seems to be good again now.
Worth the upgrade to 64bit if your system is 64bit.
Note that there will also be another update to CNX2 with the arrival of the D4 and D800 very soon.
Hopefully this will be an update to CNX3, with a swag of new features and so on .. but alas we all know that his is only hysterical hallucinogenic optimism on my part!