I mentioned in an earlier post that I've been tinkering with RSE for a while now, and it's become my default converter (for the time being anyway). Normally I turn all sharpening and noise reduction off except
the color noise, which makes the color splotching from ISO noise considerably less noticable. The rest I can do in Photoshop.
Though I normally save sharpening for Photoshop, RSE's detail enhancement is surprisingly effective and I use it more often than not, although RSE's edge sharpening has a stronger tendency to cause artifacts than Photoshop sharpening does.
My main reason for switching to RSE is that its highlight contrast slider does a much better job of taming the rather hot highlights of Canon's DSLR's than the highlights slider on Adobe's ACR does (which skews overall exposure way too much). Color balancing is a bit funky with RSE, but it "guesses" an AWB setting much better than ACR does, so it saves me quite a bit of dropper-clicking. RSE isn't as robust as C1 just yet, but it's getting there.
With the R-D1 being such a niche product, I was completely stunned to find that RSE worked with the R-D1's ERF files back when I first tried the program out. Yay.