The Collaborative International Dictionary of English v.0.48:

Nicety \Ni"ce*ty\, n.; pl. Niceties. [OE. nicet['e]
   foolishness.]
   1. The quality or state of being nice (in any of the senses
      of that word.).
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            The miller smiled of her nicety.      --Chaucer.
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   2. Delicacy or exactness of perception; minuteness of
      observation or of discrimination; precision.
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   3. A delicate expression, act, mode of treatment,
      distinction, or the like; a minute distinction.
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            The fineness and niceties of words.   --Locke.
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   To a nicety, with great exactness or accuracy.
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