To quote the answer to my question from the Lightroom Queen's Forum:
Question: what is the difference between DNG and a camera manufacturer's proprietary format (in this case, PEF)?
Answer: DNG is a public universal format. The information fields in the DNG file header block are described and documented by Adobe (the developer of the file format) and made public for anyone to use. The data block for a RAW file contains values recorded at the Photosites on the sensor. RAW photo sites are not converted to RGB pixels. The PEF file format is like the DNG RAW file format in that it has a Header block and a RAW data block. So either file format contains the same photo site values in the data block. The difference between the two file formats is the information fields in the header block are not described and documented by Pentax and can only be read and interpreted by PENTAX image processing software. Eventually Adobe and other image processing software developers will reverse engineer the proprietary PEF file format and be able to process the PEF RAW file data.
So the actual picture data is no different, just the interpretation as instructed from the different Header block.
If you are a Lightroom/Photoshop user (and don't already know this),
Lightroom Queen Forums is a fantastic resource.