I've just taken my first look at what the Adobe DNG converter does when you give it a Pentax PEF file from the *ist-D
First and foremost: the DNG converter doesn't preserve all the Pentax-private data from the MakerNote tag (including, amongst other things, the code identifying the lens mounted on the camera). I would strongly recommend any *ist-D owner save a copy of the PEF file, even if you decide to use DNG as a raw file format. THe release notes that come with the converter indicate that Adobe is aware of this shortcoming, and may address the issue in a future release. So: how does the converter create the DNG file? o Data copied from the PEF file o The raw (12-bit) sensor data o Most of the EXIF tags Some of these values are copied over into EXIF data, while some are copied into equivalent DNG tags. There are also a couple of new EXIF tags which don't hold any new data, but simply give the APEX-standardised format for shutter speed and lens aperture. o Data *NOT* copied from the PEF file o All the JPEG images (thumbnails and full-size) o The private settings from the MakerNote tag o New data added to the DNG file o A reduced-size (256 x 171) RGB TIFF image o DNG-specific data (I'm not sure whether some of this information is taken from equivalent values in the MakerNote tag, or whether it reflects best-guess settings from Adobe. I'm inclined to suspect the latter) o Sensor-to-RGB conversion matrices (for two different, idintified, colour temperatures) o Black level & White level o Auto-White-Balance scaling factors o Sensor crop region (offset & dimensions) o Tags describing sensor layout, strength of the anti-aliasing filter, etc. o Data *NOT* found in the DNG file o Linearization tables This was a considerable surprise to me. The DNG file format contains specifications for a tag to describe the response curve of the sensor. I expected to see this tag in the created file, because both the Pentax Photo Laboratory and the in-camera image processing algorithms appear to use such a curve; it's probably the single largest factor in explaining the different in appearance of Pentax-created images as compared to those from any other software. Bottom line: this looks very much like a work in progress. I'd expect to see a future release of the DNG converter preserve more of the Pentax-specific information from the MakerNote tag, and perhaps even use the same linearization curve as the Pentax software. Until then I wouldn't use DNG, even if I had any software that could read it.