Some of you will have heard about DNG - the new Adobe "Digital Negative" format. This is supposed to be an open standard which all manufacturers can use for their raw format files, and Abobe already supplies a free program to convert existing formats into DNG.
You can read all about it here
All the good things listed are worthwhile, but there's a small added bonus. I tried the convertor out last night on a folder of mixed Canon CRW and CR2 files. It worked fine, and the DNG files opened in PS perfectly - the bonus is that the convertor offers a lossless compression option. Using a CD sized folder (approx 660mb), the output folder was only 550mb.