I've done some initial testing with X10 RAW using LR3.
I like it
Test conditions were indoor at night; 12Mp, DR400, ISO 800. JPEG noise settings have been turned down (not off), a recommendation I read elsewhere.
Subject was my old cat (lots of fine detail).
In LR3 I managed to find an extra 2 stops of detail in the highlights and 2.5 stops of shadow detail before false colours and noise became intrusive - that's impressive for ISO 800! I didn't see if this gets affected by DR400, more testing needed.
I needed a heck of a lot of work in LR3 RAW to get anywhere near the Fuji JPEG which was rich in texture throughout the image. I think the camera uses some sort of tone-mapping. The out of camera JPEG is very impressive!
The Adobe fine detail algorithm seems quite different to Fuji.
Although the Fuji JPEG results appear to have lots of fine detail, they are not the same details brought out by LR3 RAW.
For example, a slightly out of focus part of my monitor in the corner of the screen, the JPEG showed off-vertical lines that look like monitor pixel structure, but these look patchy (aliased?) on the LR3 RAW. however, that's not the whole story as the monitor was showing LR3 star ratings in the bottom bar and the stars are just blobs in the JPEG, but clearly visible as stars in the LR3 RAW.
Another area that highlighted the difference was text on a cable deep in the shadows; the lines in the text are narrower than the noise clumps. Interestingly, the text is crisp and readable on the LR3 RAW, but only just readable on the JPEG.
So the Fuji JPEG is extracting different sorts of fine detail to the LR3 RAW...
Thinking back, an ISO 800 landscape shot I have which has smearing in distant foliage (just visible in an A3 print). I'm no longer convinced is completely attributable to factory noise reduction settings I was using at the time; I think it is also the Fuji fine detail algorithm extracting some odd looking fine detail. Unfortunately I don't have a matching RAW for that image and I need to re-test.
As already noted, the colours are wildly different!
I haven't had the opportunity to take test shots in good light, but I did spot one thing that was odd.
The Fuji JPEG deep shadows fade to dark red or dark blue depending on the subject colour, whereas the LR3 RAW deep shadows fade to black. Didn't matter how much I lifted the shadows on LR3 RAW, I couldn't get colour into them. Weird huh ?
Time will tell if I am right - but at the moment my gut feeling is that although the LR3 RAW colours are far more muted, they will prove to be more true to life and a better start point for post-processing.