I still haven't used Premiere Pro. I guess I should get around to doing that. Can you use raw files in Premiere Pro?
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CinemaDNG, yes. (Yay for proprietary file formats! We need more of those!) Plain-vanilla DNG/RAW, no. You have to export to something like TIFF to get it to work as the video illustrated. Not sure why it's not working, though.
Which leads me to my next question: Why not just film in a more-ubiquitous format rather than jumping through hoops here? Premiere itself has tools to color grade, doesn't it? I mean, if I wanted video, I'd just shoot in a video format like AVCHD.
If you have a bunch of images, just use Bridge/Camera Raw to color correct your images then select them all in ACR and save as whatever file type you want. Then you can import them into Premiere. Warunicorn I would rather use ACR for initial color correcting the images, as it's pretty powerful then if they still needed some tweaking use the color grading in Premiere or SpeedGrade.