Given the recent developments to the DNG format I'm curious to know what objections still remain to converting RAW files to DNG.
Recent changes include:
Development of DNG version 1.2
Submission of DNG 1.2 to ISO for certification as an open standard
The newly released DNG Profile Editor
Now, with the release of Lightroom 2, ACR 4.5 and the ability to use camera-specific profiles that more closely replicate the colors produced by DPP it seems to me that DNG is a more preferable method if you have a workflow centered around Adobe software.
Personally I've used an entirely DNG workflow since the initial publication of the DNG specs in 2004 because it simplified post-processing for multiple camera systems (I've shot Olympus, Canon and occasionally Nikon in the past few years). With the new profiles available now I'll be taking a fresh look at some of my older images to see if they are worth reworking.