In answer to MD's original post, every camera model has a specific handling characteristic, the designation of DNG or PEF is essentially the container of those characteristics. Basically, we have seen that Pentax models allowing designation between PEF and DNG respond exactly the same when handled with quality converters such as LR or C1.
In response to Jax, the value of a software is challenging to measure. A decade ago, LR cost more than C1 does now. I was fortunate to be able to upgrade from an Express version of C1 for a much-lower price, but its qualities are worth a lot to me. It is quicker, more accurate in tones, and allows for differences in general- and micro-sharpening that cannot be achieved in LR. (I have been using C1 more than LR in the past year, but for several years before that LR was my primary converter. I have a lot of experience with both programs.) While the K-30 benefited from C1, the gap is even wider when using the K-3 due to the sharpening requirements and reducing noise. In any event, C1 is the standard for medium format studio photography - and the cost of the software for those folks is viewed as less than significant.
Last edited by ScooterMaxi Jim; 05-05-2015 at 08:19 PM.