I'm using it straight from .DNG and .ARW files and it does a great job. The only thing I'm not keen on is that it seems to do a default level of colour and luminance noise reduction even in the Pro version that you can't get rid of. That said, it's pretty good noise reduction. All the basic controls for white balance, exposure, highlights / shadows / white & black points, clarity, saturation, tone curves etc. work really well. I've processed several photos from scratch with it very quickly. I like it
EDIT: The film emulations in the Pro version are great. A little extreme, but you can adjust how much they affect the base image. Anyway, they're fun - better than expected.