For RAW processing of Canon DSLR files, Phase One's Capture One (C1) software is unmatched in my opinion. In particular, using the Etcetera color profiles developed by Magne Nilsen, C1 does the nicest job with color rendering and also seems to do a better job capturing fine detail without excess noise. Unfortunately, C1 does not support all cameras which offer RAW, whereas Adobe's Lightroom (LR) basically does. With the Leica Digilux 2 (D2), I find that ACR 4.0/LR 1.0 does an excellent job. In fact, I keep Photoshop non-updated on one of my Macs for the sole purpose of maintaining the 4.0 version of ACR. LR 1.1 made a mess of my D2 files, and I haven't yet had a chance to try LR 1.2 with them. With the Olympus E-410 and Ricoh GX100, I'm finding that, unlike LR 1.1, LR 1.2 does a nice job with low ISO files. However, for higher ISO files I turn to the buggy C1 beta for reasons mentioned here. If anyone has found a RAW processor for Olympus and Ricoh that can match the low ISO performance of Lightroom and the high ISO performance of C1, I would love to hear about it.