i have to disagree, i cant remember if it is on wetpixel or digideep, but they have a review with photo's using the stand 18 to 55mm lense and the quality of the photo's are unreal!
that lense covers the equivalent of 24 to 88mm which what you would roughly get with a WAL and standard lense of the 5050.
the review also said although it was a cut down version, they removed sensible stuff and it was pretty much the same camera.
i have the 5050 and was thinking of going for a rebel, mainly because of the lag, but after seing the D70 i might consider that as the shutter speed is even faster and the lense kit is something like 15 to 70 which covers a larger range.