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DxO Optics Pro V5, one the more popular RAW convertor application has been reviewed by the folks at Luminous Landscape. When compared to previous version the V5 showed significant improvements. The latest version has a more intuitive interface, which alone is worth updating according to the reviewer.
Another noteworthy feature is the noise reduction tool, which is quite effective, and the My Palette function, which lets you drag and drop aliases of your favorite palettes and sub palettes.
Excerpt from the review:
"My recommendation is to give DxO 5 a try. The free trial version makes this easy. Raw conversion is a quickly evolving field, and with version 5 DxO is making a very significant contribution to this field."