Hi Gang,
Well, I put in the time to learn my way around Photoshop CS and Adobe Camera Raw 2.0. I am now able to get as good or better results than when using Fuji's EX2.0
See some examples in this gallery:
http://www.reefpix.org/gallery/album32

Good color, shadow detail, and low noise.

Hard to tell much about the wide angle shots as there was a lot of snot in the water. So can't talk too much about noise or background color. Pretty good detail in the high-key areas.
I'll go through the Photoshop CS raw settings in an article most likely...
Cheers
James