This is both a common source of confusion and a photography hot-topic. In summary:
The faster lenses are often associated with higher-end glass, and offer pleasing bokeh and good contrast/sharpness one stop off maximum. For example, the Nikkor 85mm f/1.4 or the 200mm f/2.0, both excellent one stop down [and pretty darned good even wide open..]
Plus, the camera auto focuses and views at maximum aperture [i.e. wide open.] A smaller f-number means both a brighter viewfinder and faster autofocus in available light.
However, the depth of field issues are restrictive - remember depth of field is relative to both f stop AND focal length. Try it for yourself at DOFMaster. Therefore, a 300mm f/2.8 has a DoF measurable in milimetres, whereas a 14mm lens is fairly 'deep' even at f/2.8.
[That's why you're more likely to get a great landscape with a 17mm lens at f/8-f/11, or why street shooters can get away with hyperfocal distance pre-focusing for waist-high candids on low-focal length lenses, but don't fret this point if it confuses..]
With cameras such as the D3, 5D and D700 which can shoot reliably noise-free at high ISO's, there's little need for f/1.4's unless you specifically need the wafer-thin depth of field, individual lens pleasing bokeh or the faster autofocus; and remember the D700/D300 will autofocus an f/5.6 lens as quickly as an older body with a fast lens in most conditions. That's just technological advancement. Plus, in the case of the longer 1.4's, the sheer size of the glass to move makes the focus slower; take the 85mm f/1.4 vs the 85mm f/1.8 as a case in point.
Likewise, there's few photographs which need to go from f/4 to f/2.8 just to regain a handheld shutter if you can double the ISO and get the same shutter speed effect without risk of ISO/ASA noise.
If you want f/2.8 for artistic reasons, then faster glass still stands, but if you're reasoning to get a fast lens for low light, you'd be equally justified in spending the money on a D700 and keeping your [1-2 stop slower] older glass. If you're pushing the boundaries of available light photography - bats by moonlight - then you need the help of both.