Originally posted by SteveB Silkypix will give just about the best colours and noise reduction, Adobe Camera RAW 7.3 in CS6 is almost as good but is far better for highlight recovery. CS3 dunno, it's pretty old now. I used to use CS4/CS5 and ACR 5&6 with my K100D and the colours were nowhere near as good as Silkypix 2/3/4 but Adobe are better now in that respect.
I am actually surprised to hear you say that. I am using CS3 and Adobe Raw 4.6.0.30 and I get excellent color rendition. I did several comparisons between Silkypix 4, CS3 and even did a 30 day trial with CS6. I would have to say that I found that, for me, the difference between CS6 and CS3 did not justify the cost. I used to upgrade regularly but missed both the upgrade window to CS4 and CS5 so now my only option is full price purchase. I certainly did not see an improvement in color rendition with Silkypix. I also found Adobe Camera RAW and CS3 is faster and easier to use then Silkypix. Admittedly part of that is my familiarity with CS3 but also seems to me that using Adobe Camera RAW to develop is more intuitive. Can't comment on the noise issue as with the K-30 very seldom need noise reduction and when I do I use Neat Image plug-in. I will go back and try the Silkypix NR process though. However, For me at least it is easier and faster to get a RAW image developed and ready for use with RAW and CS3 especially if the image is anything but perfect. As you said, recovering highlights is outstanding with Adobe RAW and one of the reasons I shoot RAW is to get that extended dynamic range capability.
That is my experience at least.