Raw Conversion

[Peter_DL]

But your proposal simply shifts the "problem" elsewhere. If all the raw converter does is push basic uncorrected pixels into PS, the discussion shifts to the millions of possible ways to "correct" those pixels in PS. (notice the many, many books and articles on PS discussing techniques, actions, etc.)
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All the tools which belong to the category of "creative processing" with ACR, such as Clarity or Vibrance, could be offered & bundled via a respective adjustment layer in PS.

Thus, being separated from a base Raw image layer (smart object) which upon double-click would just offer the tools a.) being essential for "color reconstruction" such as Exposure, Color Temperature, Tint and the Calibrate controls, or b.) which are better applied in the native camera space such as correction of chromatic aberration.

The user could stay with just these two layers, or make use of the variety of options in PS which finally were added over time for good reasons and which are a core strength of PS, imo.

Peter

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[digitaldog]

All the tools which belong to the category of "creative processing" with ACR, such as Clarity or Vibrance, could be offered & bundled via a respective adjustment layer in PS.

Yes they could. But they would be operating on gamma corrected, rendered pixels, one image at a time, all loaded into Raw. That's not at all the case in a Raw processor. Totally different tools for totally different tasks.

Then one could ask, why on earth didn't you render the pixels using these original tools (on linear encoded data, faster and non destructively using metadata, on multiple selected images not loaded into Ram) in the first place?

[Daniel Arnaldi]

I have an Intel Dual Core 2.4GHz, 2 GB of RAM, and an NVIDIA GeForce 8600 GTS video card; but the available RAM simply disappears and the computer slows to a crawl when I try to run both View and NX simultaneously, and it gets even worse when I try to open and edit an image in Photoshop while they are both open.  Perhaps you could advise me what I need or am doing wrong, I would appreciate it.
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See my correction about View and Capture sharing adjustments.

As to the performance question aside form adding more RAM there is only a couple of things that I can suggest that I found have helped. Increase the cache in Capture is one, the other I have found that makes a noticeable difference is to try to make as many adjustments as you can in the Base Adjustments layer before adding any additional adjustment layers. Most, not all, but most of the adjustments that are available to you can be found in the base adjustments layer, for some reason additional edit layers slow things down noticeably.