Setting iPhoto 09 to Externally Edit with RAW
When you import RAW files into iPhoto, the application stores those RAWs and creates speedy JPEG previews for your display and viewing. Luckily, that RAW data is what iPhoto goes to when you do an edit. However, when you tell iPhoto to use an external editor, by default it passes that file along as a JPEG and saves the resulting file as a JPEG. That loses a lot of information that could be used to make a better looking photo.
The quick solution to this is to open up the Preferences and from the Advanced tab select Use RAW when using external editor and Save edits as 16-bit TIFF files from the RAW Photos section.

From then on files you open in an external editor (like Photoshop or Pixelmator) will be RAW files, and the resulting edits will be full-size 16-bit TIFF files.
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