Coming late to this thread, but there's a kind of counter-intuitive reason for shooting PEF rather than DNG: because a DNG made from a PEF file is preferable to one from the camera. Here's why I shoot in PEF, even though I ultimately prefer to work with and archive DNGs: if you shoot in PEF, and have Adobe software convert the PEF to DNG, the resulting file
- is significantly smaller than the out-of-camera DNG (by 15-20% in my tests), even though the PEF is bigger than the DNGs the camera produces (this makes sense because the processor in the camera doesn't have the power or time to compress the image as much as your computer can
- has a checksum for validating file integrity, which the camera DNGs don't--Lightroom will notice if there's file corruption, so you can restore from a backup
It's possible to re-convert DNG files with Adobe's DNG Converter, but not with Lightroom. Since Lightroom can convert PEFs to DNG automatically, choosing PEF makes for a much easier workflow. I've gone back and re-converted all my old photos with DNG Converter, saving several 10s of GBs, and all my new raw images are PEF. The one downside is that the PEFs take up more space, but I rarely fill up a card and always have a spare handy, so that's not a big deal for me.
The above applies to the K-5 II; don't know how it works with newer cameras.