Output Like a Pro with iPhoto 5
Subject:   RAW is not always good
Date:   2005-02-15 05:34:58
From:   Marook
Response to: RAW is not always good

Well, I don't know about the two camera's you mention, but the Canon 300D stores 1) a jpeg processed version in the RAW file and 2) all the settings used to re-generate the image - ie. the 'default' settings for the shooting time.

So, in my case, iPhoto will make the same image as the Canon camera does - but I get the RAW data too.