One thing you can do is to leave the sharpening and noise reduction at their default values in Silkypix.
For what it's worth, I was encouraged by Simon's comments in the FZ8 review to run Silkypix at all default settings, which seems to work surprisingly well.
Then you can apply third party noise reduction programs like NeatImage and Noise Ninja and sharpening programs like Focus Magic and Nik Sharpener. These specialized programs/plug-ins may do a better job than the tools in Silkypix, ACR, etc.
No-one seems to rate Silky's noise reduction, and I find that Noiseware Community at default settings, applied to the JPEG developed from RAW, is pretty good. (It would be more logical, I guess, to switch off Silky's NR completely, but no-one seems to know how to do that either!).
After Noiseware I use Picasa for tweaking, but I am suspicious of the sharpening in Picasa (and FastStone too) (noise increase) and I'll pick up your suggestion of Focus Magic and Nik Sharpener and give them a try.
As I use FastStone for cropping, reducing, comparing, etc, I have got Silkypix, Noiseware, Picasa and Photome linked into it, which saves some time. I could link Focus Magic or Nik Sharpener in the same way.
If I were a bigger spender and more confident, I would probably jump into Lightroom 2 and not use much else . . . that seems to come highly recommended. . .
Mike
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Gear: EffZedEight, EffZedFive, EffTwenty.
Wish List, No. 1: minimalist EffZedNine, same shape/size/weight as EffZedFive.
Favourite Things, No. 1: Noise Reduction that can be switched OFF.