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I know that on the K10D the custom image settings hard-written into a JPEG image (i.e. contrast, saturation, shapness, etc.) apply just the same to a RAW file, but only by way of metadata. I presume this is the same with most Pentax DSLRs, if not all.
A RAW file is a RAW file, that is essentially unprocessed data. The metadata is interpreted by Pentax Photo Lab, etc. as processing settings. The camera is not altering the raw file data.
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