I have read this entire thread and, despite the disagreement, I gained some knowledge and valuable insights. Still I am left scratching my head over two questions (thoughts) left unanswered; perhaps because the answers are too obvious to those better informed than I. I venture to enquire now that the fireworks have stopped.
On this and every other photography forum on the net we have all seen the following question and answer:
"I just bought a new camera and my ACR / LR (or other raw converter, other than the one provided by the camera maker) will not open the raw files." And every time the following answer is offered: "Download Adobe's DNG Converter (free), convert your raw files and they will open in your converter software."
So apparently it is not necessary for Thomas or Eric to "hack" the new raw format first, before making it possible for the DNG converter to read the file and convert it to a form that is at least readable (and quite serviceable, if not optimally so) by conversion software not yet "updated" for the newer raw format. So the question that occurs to me is: If the DNG converter can "decipher" these files (on the fly, so to speak) why has Adobe not built in this same capability into ACR / LR, thus short circuiting the intermediate conversion to DNG?
OK, next slide. Several weeks have passed since the new camera's raw format was introduced. Adobe has done their homework and decoded as much of the secret sauce as necessary to update ACR / LR so that the software can directly read the new format. At the same time they (Adobe) usually provide one or more new dcp profiles to be used with the new camera's raw files. And for their efforts they get more complaints than thanks: "I can't get the same colors with your software that I obtain using the camera makers converter." So apparently, despite their efforts, Thomas and Eric can't dig deep enough to truly duplicate the secret sauce in the camera makers raw format. That being the case, what is the downside of the camera makers adopting a DNG raw format wherein they could still conceal their magic sauce? My answer to the complainers would be: "So sh*t man; use the camera makers software if you prefer it, or create your own camera (dcp) profile." That works fine whether you routinely convert your raw files to DNG or not. Having a choice is nice.
One last question: I have read that conversion to DNG embeds a dcp profile into the file. I think this is, by default, the Adobe Standard profile (for the camera used). If I have created a custom dcp profile for my camera, is it possible to configure the DNG converter to embed my chosen profile while converting.
Thanks for your attention.