I had problems getting my copy of CS4 to 'read' raw files from the ePL-1, so thought I'd share the 'fix' here....I downloaded ACR version 5.7 and it worked like a charm!! Go get it if your CS4 is not 'seeing' Oly raw files.
cant afford to upgrade from CSR and am a bit pee-ed off that Olympus offers an inferior RAW handling software which forces me to change RAWs to jpeg. But, on the bright side, I love using Leica glass on the digital Pen, especially the old 1.4 50mm lux and a 2.8 90mm. now rangefinder-style photography has some really compact, discreet combos with very acceptable rez.
Like the idea of this new forum, btw. Whoever thought this up deserves fluffy strokes. tim power
An entirely different approach is using non-proprietary (free) software. Admittedly this won't suit a lot (even most) people, but then again, the price is attractive--doesn't cost a penny.
The "backbone" of most RAW decoders is a program call "dcraw", written by Dave Coffin. Most free and many commercial products are based on it, and there are versions that run on most operating systems including MSWin, Mac, and unix/linux. Definitely worth a look, especially since dcraw is usually among the first to support new RAW formats and camera models. There's more info at: Decoding raw digital photos in Linux.
It does require some effort and study to learn to use it, but not at all "rocket science". It's kind of like using manual lenses on m4/3 cameras, that is, it takes study, patience, practice and thought to become proficient.
Shooting RAW shows a willingness to do more than average to grow as a photographer. Taking software into one's own hands is just another element of such growing. It really is worth checking it out.