Look at the link Dinny posted above, which provides confirmation that the NNEB is equivalent to the level 3. How would I have got onto my level 4 Foundation Degree with the NNEB if it were not so. Apparently, heads have been told to 'ignor' the NNEB (or at least, that is what my Head told me). I think it is to do with money and the fact they want everyone to go for the nvq's. You cannot take away a qualification once passed and we need to plug away and keep reminding people exactly what we did for it.
Also, perhaps it is becase the NNEB is seen as an early years qual and TAs are supposed to be able to support in any age group.
I know, it stinks.
Go for the foundation degree and then they can't say diddly. (It also provides a way of gaining HLTA status too).