I agree with everyone that both are great cameras. But also I recommend looking into the "System". Down the line when you want to upgrade, where would you go? E.g. 30D or D200? Which system has the better lens to fit your needs? E.g. 18-200mm VR
? By the way the Kit lens for the D70 (AF-S DX Nikkor 18-70 mm f/3.5-4.5G IF-ED) is an awesome lens.
Remember the 1.5x multiplier on a Nikon and 1.6x on a Canon. That will give you the effective equivalent range of a 35mm camera.
So the 18-55mm would be really 27-82mm on a 35mm for a Nikon. And 18-55mm would be 27-88mm on a 35mm for a Canon.
Rumors are floating around that the D70s will be replaced by Photokina in Sept.