Originally posted by JimJohnson Steve, if I understood what I read/heard on Adobe's DNG Converter page, DNG is an envelope describing how to read the native RAW file embedded inside the DNG file.
You are correct, the resulting file includes a rendered image (JPEG, TIFF, PNG, etc.) and/or the original RAW (PEF, NEF, and many others, including DNG(!)) and/or both along with Adobe XMP consistent with Adobe's tools telling how to render. However, that file belongs a specific subset of the DNG standard. DNG RAW is something entirely different and more similar to PEF than a PEF converted to a DNG. There is also something called a "linear" DNG where image data (think RGB pixels) are packaged as data. Linear DNG files are very similar to TIFF image files except that they are different.
A good example of linear DNG is the output of the PixelShift2DNG utility.
I'm really not much of a DNG geek except that I have a long-standing interest in creating synthetic DNG RAW files for doing forensic inquiries into things like "pulling" shadow detail from underexposed areas of the capture.
Steve