Wow. A fiver for an 8 megapixel digital camera. Never would have believed that 12 years ago.
The most obvious drawbacks to these older cameras, compared to newer models, is that they perform much worse in low light situations, and if you want to focus on anything that's moving then you're probably out of luck because the autofocus systems on the early non-SLR digital cameras were slow and often inaccurate when it came to tracking movement.
The 8700 started to show visible noise at ISO100, and it went no higher than 400, at which point noise was pretty bad. By comparison, most recent digital cameras will show almost no noise until at least ISO1000, and some give outstanding images above 3200. That's a big difference, in terms of how much usable light you have to take pictures.
Still, you can get some nice images with a camera like that. My first digicam was the Minolta Dimage 7Hi, which came out earlier than the Nikon 8700, and competed with the Nikon 5700. The Minolta was 5 megapixels, and i rarely shot it at any ISO above 200, because image quality declined markedly after that point.
Here's a
selection of images i took with the 7Hi. If it's still in working order, your 8700 should provide quality at least as good as those, and probably better with its higher resolution. Notice that most of the pictures are daytime shots, and there are very few moving objects to deal with. The autofocus on my Minolta was as slow as all getout.