...to slay in just one paragraph. RAW conversion techniques wind up being a gradual process and initially, when a JPG-only shooter makes the transition to shooting in RAW, there is a certain trial and tribulation period that ensues with the post processing of RAW files.
The key here is that you'll learn fast. Eventually, if you stick with it and not give up, you'll get to the point where you will never shoot JPG's again - unless, of course, you have a small P&S camera that only shoots in that format. RAW is so compelling - mainly so for the dynamic headroom you have in your files. You'll be able to edit images that heretofore would have been lost in the JPG format.
I've been using ACR within Photoshop for a decade now, and periodically use Lightroom also since the layouts and sliders are the same really. What I've learned with regards to RAW file conversion and post processing has become invaluable to me.
So there's so much to cover. Begin by getting used to the following 3 areas within a RAW converter (before you try and tackle more advanced areas):
1. Learn to adjust files for a balance between hi-lights and shadows - adding the right amount of contrast to files.
2. Learn the proper sharpening techniques and noise reduction techniques - but don't overdo it as the biggest mistake that most people make in sharpening is "over sharpening," thus making images look scratchy (sandy/noisy). Remember, sharpening also accentuates the noise. Initially you'll be dumbstruck by how much sharpening you'll need, so you'll do hit and miss jobs. After awhile you'll develop a keen eye for what needs sharpening and by how much.
3. Learn to adjust for optical perspective distortions and each lens is different. Most folks will ignore this with their RAW converters. Adobe ACR and Lightroom have superb tabs setup for you to adjust perspective distortions. Sometimes a less than ideal image (meaning the composition could have been initially horrible) can be saved by as something simple as straightening out many lines in the image.
So start with these three areas. As you become proficient with these, then you can move on to other areas. It's all part of a stepping stone process.
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Sincerely,
Bernd ("Ben") Herrmann
Fuquay Varina, North Carolina USA