You need at least Adobe Camera Raw 6.3. THat would require CS5.x Photoshop since the last ACR for CS3 is I believe 4.6.
So you will either have to upgrade (recommend hold out for CS5 in a couple of months) or use a DNG converter.
DNG is free and you can download the 6.6 version. It will work with all versions of PS.
Thank you. I thought it might be a problem of update. Your answer solved my problem.
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Another approach would be to install Lightroom Beta 4 which will give you a working RAW conversion utility for a period. (I guess the beta will time out when the full version is released.) You could then pehaps purchase LR4 and cary on using CS3 and save some $$$
And Adobe forum
[EDIT] Taking this thread off at a minor tangent, (it does mention the G12 in the thread subject) DPReview put up some full res images from the G1X a few days ago, and its high ISO performance was outstanding for a compact. I carry two 1D bodies when I a work events, and usually take a 1DsMK3 when travelling, and it wears you down carrying all that weight. I used to have a G10 before my wife decided she should have it, so I am definitely in the market for the G1X when it comes out.
Try it up at ISO 3200