A question was asked about the benefits of having the TIFF format in addition to the RAW / NEF one.
It was pointed out in that thread that this option had not been made available in mid-range Nikon digital SLR cameras since the D100 body. Not even the D200 has it.
It is a welcome addition to the Nikon D300, nevertheless, because some clients insist on having a TIFF file delivered to them, so having this feature is just a matter of convenience.
In terms of quality and flexibility though, RAW / NEF files rank higher than TIFF, while for best reproduction into other formats, it is best to process the NEF file through Nikon Capture NX instead of other RAW converters, say Adobe Lightroom.