If you have no interest or use for any kind of wide angle coverage then the
24-120 lens is clearly superior.
However the 24mm lens on a D70 will have the effective angle of view of
about a 40mm lens or longer (allowing for a bit of cropping).
I would not be happy with this as the widest angle lens I had available.
The biggest usability problem with these small dSLR sensors is getting high
quality wide angle lenses.
Because the camera design is locked to the 35mm SLR form factor there is
only a little room for fudging the size of the mirror box to allow for
producing reasonably priced, but not necessarily very high quality,
retrofocus lenses in the sub 24mm effective focal length range.
The D70 kit lens may not be a world beater but the price makes up for its