While that lens is a consumer lens, I would not call it a lower end Nikkor. It will definately perform. It was introduced with the D70 but it performed marvelously and is a great wide angle to short tele lens for Nikon DSLRs on a budget.
Pheard, the 18-70 will work fine on a D60 and it's a good general use lens. I'm thinking of replacing my 18-55 with one.
The key is to look for the AF-S designation. This means the lens has its own autofocus motor. The D40 and D60 don't have in-body auto-focus motors to drive the lens. Most other lenses will work on these two cameras, but without auto-focus..
Not much point in renting a 50 F/1.4 when you can buy the 50 F/1.8 for a little over $100. Neither of these are AF-S however.
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