>Is there any major difference between RECNO(0) and a SEEK() with SET NEAR ON - other than the obvious (the first doesn't move the record pointer). Which makes me wonder if INDEXSEEK() respects SET NEAR ON?

No there isn't a major difference. INDEXSEEK() does respect SET EXACT, so it wouldn't surprise me if it also respected SET NEAR. However, that's a guess, since I haven't tested it.