It's funny I have yet to see the "watercolor" effect on anything I have shot with the Fuji X-E1, in Lightroom 4.4 conversions. After reading all the posts that showed issues, I was a bit concerned, but so far I just don't see it. This is on all Landscape shots, with lots of green and finer details. Watercolor effect IMO tends to be from over process noise reduction and on the Fuji files I have processed out I find I don't any noise reduction much past 3 on the Luminance slider. This is with files shot as raw, iso 200, 400 and 800. I do use the extra Dynamic range settings for both iso 400 and 800.
I have used both Capture One and LR.4.4 on my files and can't say either one is better than the other, as each has unique features I like. Capture One's lack of plug-in support is a big issue for me, as I am a big users of the Nik suite and some of the Topaz products.
With LR I will have problems at times on "pine needles", again not a watercolor look but just overall lack of details. Where as on other green leave, Oak, Maple, Hickory, no problems. Capture one does do better on this subject. I will also use the "creative sharpening" set of algorithms from photokit on some of the output on both the Lightroom and Capture One files. Lots of good tools there.
I believe that neither LR or Capture have any lens profiles, and it would be nice to see these added, at least for the 14mm and 18-55mm. Both tools also seem to have only one color profile to pick from (this is pretty standard with Capture One) but on Lightroom on many cameras LR offers several different profiles to try out.
Coming from the Sony Nex-7, I have to say I am just totally amazed by this camera and the results. DR is close to that of the D800e especially in shadows. Noise is just non-existent in files taken up to iso 800, and even 1600 and 2500 are very clean.
I just started to use the X-E1 for night work and overall I was very pleased with the results, clean files and very few stuck pixels, but I do expect this to change over time (stuck pixels). There are several non-branded remotes that offer interval and longer times so it works well in my stacking methodology.
I only wish that this camera had a iso base of 100 for raw (don't understand this) but it's been an issue with Fuji ever since the old S2.
For sure the silkypix's software that comes with the camera is pretty worthless overall.