Originally posted by Winder DNG is designed to be BACKWARDS comparable not FORWARDS. DNG is an archival format that means all future versions of the DNG standard will open all older versions. It does not mean that RAW processors using older DNG versions can open newer DNG files.
Until Adobe updates LR5 to support the K-3 people are not going to get good results.
The only way to currently test RAW files from the K-3 is to install the Pentax software that comes with the camera. The Silkypix software is pretty awkward IMHO, but it actually does a very good job with RAW files..... Probably better than Adobe.
Here is how it works:
There have been a few versions of DNG, but the only ones relevant here are 1.0.0.0 (published 2004 - used by some earlier cameras), 1.1.0.0 (published 2005 - used by recent Pentax cameras including the K-5IIs and the Q7), and 1.2.0.0 (published 2008 - used by the K-3).
The first Adobe products to support 1.2.0.0 were: DNG Converter 4.4 onwards; ACR 4.4 onwards (used in Photoshop CS3); and Lightroom 1.4 onwards. In other words, Adobe products released sometime during 2008, plus all later products, support 1.2.0.0.
I'm currently using Lightroom
3.6 to process my K-3 DNGs, and also in fact my K-5IIs DNGs -
even though Lightroom 3.6 was released before either of these cameras. I have been getting super results with my K-5IIs DNGs, (60,000 imported so far), and expect to get equally good results with my K-3 DNGs, although so far I've only imported 35 to 40 K-3 DNGs into Lightroom 3.6, and processed (and sometimes printed at A3+) just a few of these.
I never use Adobe profiles for my cameras! I create my own profiles using ColorChecker Passport. I haven't yet done this for my K-3, which only arrived this afternoon, but expect to do this tomorrow (Friday). So Lightroom is currently using the profiles embedded in the K-3 DNGs.
This doesn't mean there aren't any bugs in all of this. Perhaps the embedded profiles in the K-3 DNGs are wrong. (I have a suspicion to do with switchable AA which I will be testing). Perhaps there are bugs in Adobe products when handing 1.2.0.0, in there from 2008 but only now becoming visible because here is a camera that uses 1.2.0.0. But unless there are such bugs, there should be no need to wait for a later version of Lightroom, unless someone specifically wants to use Adobe profiles instead of embedded profiles or their own profiles.