To me, "diving conservatively" is a term that encompasses much more than just adhering to NDLs and not running out of gas.
It begins before I even get in the water.
My buddies and I email back and forth about dive conditions. We take into consideration surf forecasts and high/low tides when agreeing to meet up.
Prior to loading my gear into the car, I ensure that my regs are working properly and my tanks are full.
For our typical shore dive, my buddies and I look at the water before we even unload gear from our cars. If the surf is up, we make non-diving plans.
If I'm not feeling right or my sinuses are a little stuffy, I don't dive.
The dive team agrees on a max depth and time parameters. We specify turn-pressure. We are all on the same page with regard to keeping an adequate gas reserve (rock bottom) at all times in case a buddy needs it.
We are well-practiced in air sharing and air-sharing ascents.
There is a standing emergency action plan in case one of us encounters any medical issues during the dive.
I set my computer for the appropriate conservatism factor and/or resolve to not allow my NDLs to run into the single digits. I use a Suunto computer, so I know that this is still a fairly conservative nitrogen-load plan (relative to other dive computers on the market).
When prepping our gear for a dive on a hot day, we try to find some shade (or bring our own) so that we don't overheat before getting into the water.
I do a set of comprehensive functional tests on my dive gear during pre-dive checks. I fix or replace any gear that is malfunctioning or looks like it's on the verge of breaking down.
Since we all dive in drysuits, we time our "zip-up" so that everyone is ready to go at the same time.
We conduct quick head-to-toe buddy checks before leaving our cars.
Once we arrive at the beach, we watch the water to see whether there is a need to time our entry with the surf.
I look for rip currents to help with getting out to the drop-in site.

The dive team enters/exits the surfzone together in case anyone needs help. (99.9% of the time we're all self-sufficient.)
We kick out to the drop-in point, taking care not to overexert ourselves at the surface. If we were fighting a current on the way out, generally we'll take a few minutes and rest prior to initial descent.
We descend slowly and together.
I check my SPG and dive computer frequently during the dive. I also check-in on my buddies every few seconds. Our safety supercedes any other dive goals or UW photography shots that we wanted to get.
We all have a good handle on each other's gas consumption rate.
I try to make the bottom phase of the dive as relaxing as possible. Our group tends to dive
very slowly. Our run times are longer and we see more this way.
If someone is getting cold, reaches turn-pressure, or just wants to go back, we communicate the turn-around signal and begin to head back to shore. Following the ocean bottom contour back generally has us doing 7-10 minutes at safety stop depth.
I control my ascent rate so that it doesn't exceed 33 fpm.
If the surf is considerable, we take extra care by exiting close enough to help one another (in case someone gets rolled or just loses his/her balance).
Most dives I exit the water with 700-1000 psi left in my tank.
Afterward, we end up chatting about the dive and sharing photos before schlepping our gear around. Not only is this a fun, social thing but it prevents us from overexerting ourselves shortly after the dive.
After the dive, I take stock of how I'm "feeling" (overly tired, any aches/pains, itchy rashes, etc.) and I add that info to my divelog. This can be helpful info for planning future dives.
As I said at the beginning of this post, to me, "diving conservatively" means a lot more than just not violating NDLs or respecting gas supplies.
Don't know if this is what you had in mind when you started the thread...