Old Nikon Lenses with Adaptor

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So I often hear people talk about using old Nikon lenses on a Canon with an adapter. I never actually see what lenses they use it with though and what they are comparable to performance wise of a current Canon lens. Is this one of those urban myths or can you actually get a nicer picture for less money going this way? I realize the limitations and so of course that has to be factored in but if we're just talking strictly image quality is this a good option?
 
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