I've noticed some overlap between Unity's dash and Nautilus, due to folders being able to be opened and browsed straight from the dash. However if you want to perform any kind of operation on the files (except for opening them) you have to open Nautilus. I fear having two different tools for the same (basic) task may bring some confusion to the user. Has this been considered? What will be the desired interaction between the dash and the file browser, and what is each of them supposed to be used for in the long run?
For 11.04, the best way to think of it would be that the Dash (specifically Files and Folders Place) is for simple browsing of recently used/interesting files and searching of files. On the other hand, Nautilus will be for all types of file management.
Nautilus will be prominent via a default icon in the Launcher as well as re-enabling it on the desktop (so you can see the contents of your Desktop folder on the wallpaper). There will probably be a more obvious way to "Reveal in Folder" (or some similar wording) for items in the Dash, which will open the folder the file belongs to in Nautilus.
I think the dash will be used to replace Nautilus for most of its tasks. Mark Shuttleworth recently said that we should move away from thinking about files and folders. It seems that the dash will transform into a new paradigm for file management:
It is likely that it will gain some of the features that Nautilus has. Nautilus will still exist but it will be seen as more of a power users' tool than a vital part of the desktop.
This is all speculation though. We will just have to wait and see what happens.