Originally posted by 1812 I still would like to know if the recommended settings in the Pentax Forum's K-5 Review are applicable to the K-5 IIS?
The cameras are quite similar and I would think anything recommended for K-5 will be fine for k-5II.
For colorspace, sRGB is used for anything posted on the internet, and indeed for most purposes. AdobeRGB has a bigger 'gamut' which means the range of colors it can display but many monitors cannot really display all of the colors anyway and sometimes aRGB looks funny on the web. I use AdobeRGB internally to retain as much info as possible but export from Lightroom in sRGB anything that is to be displayed or put up for sale. Some printing houses can use AdobeRGB some do not. sRGB is the safer bet.
If you are going to use Lightroom 4 then shoot in RAW and use the DNG format. PEF is Pentax proprietary format and not all software supports it. LR does but there is sometimes a delay in updating the software when a new camera comes out. Use DNG and you do not have to worry about it. Biggest plus of DNG though is that all the metadata is saved internally to the DNG file. With other RAW formats like PEF the metadata gets saved in a separate file called an XMP sidecar.
There is a big learning curve and dozens of options to set. But like Ash says just learn the exposure triad and worry about taking good images. If you are puzzled by a menu setting just ask. You will probably get several mutually contradictory answers but you will always get answers.