A couple of years ago the big showdown between RAW converters put "Capture One Pro" and "DXO Optics Pro" way ahead of the rest of the pack. The second tier was "Photo Ninja" and Irident Developer". "RAW Photo Processor", "Lightroom", "Aperture", and "AfterShoot Pro" took the honors of being at the bottom.
What's the verdict now? With our toptuned 36MP cameras it is important now as ever...
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Implicit in your question is that there is more than one step involved. I personally use NX-D to do the initial conversion, get the white balance close, and any minor tone-mapping. For anything more complicated, I'll take a TIFF and pull it into PS or LR. Other folks will recommend DarkTable and thats not a bad way to go either.
I don't think there is a "Best RAW converter", but rather ones that work better with a given camera than another. I've worked with at least 6 different RAW converters, and frankly none of them were that much better than another. Some were better at a given aspect of RAW conversion than others, but weaker in other areas. Picking a good RAW converter is more a matter of finding the one with the least compromises, and that works best with the way you want to work with the files.
My major problem is that over time the RAW manipulations get better, such that images shot on RAW say 4 years ago look better with greater manipulation using today's software. This is a good problem to have though.
Although I am not sure what true to life conversion. really means .The image below is manipulated in LR5. It not quite true to life but it is certainly what i intended to end up with, when I set to the location 3 hours earlier
... H
Nikon N90s, F100, F, lots of Leica M digital and film stuff.
I often read statements like this. I just don't understand them.
1. Nikon is not making "their own sensors", Sony and Toshiba are - so those companies should be in charge if this logic would be valid.
2. Software is not only about the result, it's also about usability and workflow. Alright, one could say their camera interfaces are also pretty complicated…
3. The bets result is, what I like and what I intended to see when I was taking the photo. I don't care much about "as close as possible to what the engineers were told to do so" but I do care about as close as much to my desired result.
So it might be valid for you to say "the best RAW converter is made by Nikon" (actually the guys of Silkypix are coding it), but I am often looking at others and still returning to Aperture because to me it's the most convenient. Which goes as well for Lightroom if one is used to that one. Capture One is also okay bit the rest is more or less some kind of user interface around the algorithms and not too much thought about the whole process.
FWIW, I agree with you that it is all about the workflow, the RAW converter isn't the most important part of that, but is has to be "good enough" and LR and Aperture are okay, but not the cat's meow. Also Apple ain't speedy about supporting new models (see reverse engineering), whereas Nikon has support from day one.
But I still don't think Nikon knows best how to get the maximum out of their sensors, at least not better than their manufacturers. Sony, Aptina, Toshiba can't manufacture without specs and Nikon doesn't do any extra hardware magic to it. However, when Nikon manufactured the Fujifilm bodies, the sensors were taken out from Fuji engineers before a malfunctioning body would make it's way to Nikon repair - I really don't see the point of such a procedure.
http://www.nomadlens.com/raw-converters-comparison
http://naturewindows.com/articles/article090203.html
http://photo.stackexchange.com/questions/1717/how-do-popular-free-raw-editor-converter-compare-to-each-other-on-windows
http://www.media-division.com/best-photo-raw-converters/
If condition are good, anything looks OK if that is your standard.
.... H
Nikon N90s, F100, F, lots of Leica M digital and film stuff.