#1. "RE: “Saving Image” in ACR – NEF?" In response to Reply # 0
Colorado Springs, US
The development settings you used to convert the image are saved, usually in a sidecar XMP file, so that the image stays the same if you reopen it. If you want to work on it in Photoshop, you'll need to eventually save it as a PSD, TIFF, JPEF or other file format (not a NEF).