.... are not really a converter issue but a user setting, yet they can dominate the preference....
Exactly. Yes, the processing engine behind the scene makes a big difference, but in MANY cases it comes down to personal preference. LR 4 was much better at highlight recovery. C1 7 caught up with that. So, they are both good. In some instances LR does a better job and in other instances C1 does it.
From a workflow point of view, in my opinion, LR is much better. The approach (tools, how they are implemented, some functionality...) is more intuitive compared to C1. And I've used C1 since version 1.x (it used to be user friendly until v4). Now, if you use an MDB, it makes sense to use C1 since it's developed with those in mind.
I picked the same spot for the white balance and added 1/3 exposure to both. The rest is with default settings (since the argument was made that the default is better).
I'll post which one is which a little bit later.
ETA: I had to reduce the size since it doesn't allow you to upload a larger file due to size