Originally Posted by Gooshin 
true,
i would also like to add a few points
Elements 6 is doing one or some of the following
1. taking the in-camera jpeg settings, translating them into "element speak", and then applying them to the RAW
2. completely ignoring the in camera jpeg settings, and applying its own "basic" algorithm to the RAW file
3. completly ignoring the in camera jpeg setting, and not applying any processing to it
option 2 is most likely to happen, and the 3rd option is (IMO) least likely because there always has to be a "baseline" to which the program has to reference something. IE, blue is only blue if you reference it to blue, if what the camera says is blue but the program things is 1 point off blue towards green then you will obviously get conflict
same goes for sharpening and all that jazz
My understanding is that RAW data is not processed in PS if the Default Image Settings (defaults) are deselected. In that case, PS opens the RAW data without processing; it opens JPEG with the camera settings.
Brian