I too only have iphoto and I had my raw files as adobe's format but it (the program) did not what I thought it would do/according to the help. Basically it would download the raw file, but when I would do edits to the file and click 'done' it did not automatically (at least I thought that what its suppose to do) save it as a jpeg. So it looked like my raw files were edited. Someone mentioned that if I had done the raw files as PEF then iphoto would have acted like it says it will. I honestly haven't gone back to try... so hopefully you can and let us know!
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