Or be forced to double up on HD space by converting everything to DNGs.
Alienskin Exposure X2
After installation, go to Edit/Preferences and select what photo editor you want to punt the Raw edited image to. (Used CS5 for this example) And you can select what format to export. PSD, TIFF or JPG.
It does non-destructive edits to your images, and has a wider library of available editing tools than Adobe Camera Raw. Here’s one image, that I adjusted clarity, brightness, whites, and am applying a ‘Bokeh’ edit.
Right click on image, and click on editor you configured X2 to use
Since I had done all my RAW edits in X2, I chose “Save Image” option in the bottom left corner, saved it as a JPG, then opened it in CS5 to continue.
EDIT: It seems with CS5 you have to EDIT IT and have preferences set to TIFF file. It will open up Adobe Camera Raw 6.7.1, then you have to select SAVE IMAGE on bottom left corner and save it as a high res JPG, as it’s Photoshop itself that won’t open the TIFF/PSD/JPG directly from X2.
However if you’re using CS6, this doesn’t seem to be an issue.