As in, when you process your "image" (RAW file) in Lightroom or ACR and then open it in Photoshop, the extension is still the RAW extension - dng or cr2 in my case. I know that Photoshop itself cannot display RAW files, so what are you actually working with until you save?
One of the reasons I'm asking is because I want to know if there is a difference in bit depth between editing in Photoshop 16 bit mode versus working in the RAW processor. I know that a RAW file can only be 12 or 14 bit out of camera, and I read somewhere today that the RAW converter will automatically convert to 16 bit mode for editing. So I'm curious what exactly the difference is if there's 16 bit editing happening in both RAW and Photoshop as well; I'm guessing that opening in Photoshop must generate some sort of subtle quality degradation, or else there wouldn't be so much emphasis on getting things so close to final while still in the RAW processor.
-Randy

