Pentax K-5 has various colour settings. These settings are embedded to image files. However, Adobe Camera Raw doesn't require such settings from Pentax raw files. Thus, when shooting RAW+, images from the ACR (settings 'As shot') look higly different to .jpg images. It corresponds to .dng as well as .pef.
On the other hand, the Pentax original software, Digital Camera Utility, does require the camera colour settings from the raw files. The cast of Raw files in DCU is absolutely like the cast of .jpg files.
So the question is how can the camera colour cast be reproduced in the ACR (I am using Photoshop CS6 beta and Photoshop CS5.1).
Adobe Camera Raw is not designed to emulate either the looks of the in-camera JPEGs nor the software distributed by Pentax. Adobe Camera raw will indeed ignore the in-camera settings, by design.
If you learn how to use Adobe Camera Raw you can emulate whatever look you prefer. Bit if you like the Pentax software look, by all means use said Pentax software or shoot JPEGs.
This has been discussed repeatedly and at length in the Adobe Camera Raw forum. Do a forum search there for a link to the various editions of the highly recommended ACR book by Jeff Schewe.
Thank you for your quick reply!
If the ACR is not designed to emulate the looks of in-camera colour settings then why does it still emulates the in-camera white balance settings (button 'As shot')? It is not coherent.
I do like the cast of JPEG images but I understand the benefits of shooting in RAW. I guess it would be better if the ACR has a fully functioning button 'As shot', bearing in mind all the settings that were used during the shooting. It could be a good starting point for further manipulations. Usually, it's easier to correct something than to make from the very beginning.
All the points you raise have been discussed in the ACR forum over and over.
I'm not connected to Adobe. We are all users just like you, trying to help each other out. I'm not here as an Adobe apologist, just as an experienced user trying to point you in the right direction.
Obviously the white balance is taken into consideration, that's a no-brainer. If you have further questions, please post in the ACR forum.
For what it's worth, there's no technical reason you can't have what you want. It could be done through the development of a camera profile that's crafted to exactly match the results you get from your camera. But Adobe doesn't do that. They do provide some camera profiles that will get you close to the same color for many cameras.
I know of what I speak, since I was lucky enough to have a very kind forum member named Vit create a profile for me that emulates virtually perfectly the color Canon's in-camera raw processing and DPP converter produce, and even the way they fit the data into the sRGB profile. He used his own custom-developed software to do this, as I previously had only been able to get close by adjusting Camera Raw controls and saving new defaults. I'm happier than a tornado in a trailer park that it still works perfectly in Camera Raw 7.