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I'm very very happy with my Nikon D70. The color is quite beautiful (better than film to my eye) and the detail is very good. It has more features than the Canon Rebel. I don't know if the new Canon 20D is worth 50% more. There isn't a big difference between 6 and 8 megapixels.
If the 20D has a significantly greater dynamic range than the D70 it could be worth the difference. I doubt this is the case but you'd have to look into it to find out.
The quality of the lenses have a more significant impact on image quality than megapixel numbers. Coupled with my Epson R800 I get extremely beautiful prints. I would also recommend getting the Nikon Capture software to adjust raw files.
If you already have either Nikon or Cannon lenses this might influence your decision.
Hope this helps.
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