For the record, FCam reads in and stores the pure sensor data in the DNG, with no processing in between.

That said, there are plenty of optional fields and other metadata in the DNG spec that we currently don't write out, and it's possible that not having those filled in might limit what the Adobe converter can do. We'll keep looking into it, and improve our DNG saving code as we can. (If there's a dramatic improvement at some point, we can produce a tool that takes your old DNGs and updates the metadata to the new information, without disturbing the raw data)

And we certainly see a great deal of chrominance noise in our raw images, especially in dark conditions.

Finally, if you're really suspicious, the code is all open - go take a look!

-Eddy, one of the FCam developers.