Hi Richard,
I've used this setup for a few projects now. My workflow is to convert the .RAW files to .DNGs with Rawanizer, then import the dngs into lightroom, do a grade then export as a stream of jpegs. I then import the jpegs into my NLE, which is Sony Vegas. This is partly because I have come from a mainly stills background, so I'm very familiar with lightroom.
The flow will be slightly different on a mac, but I think the raw converters are pretty similar whichever platform you use, so you could do something similar on a mac. Or instead, a lot of people then import the dngs into Davinci Resolve Lite which is free to down, to do a rough grade then export to the video format of your choice- maybe a high quality prores and import into FCP. I did toy with Resolve, but found it difficult to achieve a satisfactory white balance. I'm sure you can but I'm just not used to it. I guess if you export the clips as high quality Prores, you could probably do the grading in FCP or Color.
In any case, I find the results very nice, once you're used to the extra steps in the workflow. Not sure I'd want to shoot an entire longer format project in this format unless I had lots of time/extra help, though!
Cheers
Fergus