Like Daniel, I sharpen with PK Sharpener Pro, but in the odd case where needed, I first reduce noise with Noise Ninja. Both after raw conversion. Unlike Daniel, I do most of my colour and luminosity adjustments with curves in Photoshop, but I bring blown highlights back into gamut in Camera RAW because that is the only place one can do that. With Canon 1Ds images converted to 16 bit, there is so much data it makes little difference whether one does basic luminosity/colour correction work before or after raw conversion. I think the place to do these adjustments partly depends on what one is more comfortable working with, the size of the initial image files and the bit depth one is converting into.