Hi Paul - I was afraid so! No, in LR4 I am using the Camera Calibration Adobe Standard Default Profile with the new 2012 Process (current) - I set up a preset(s) on this basis with some of my "standard" adjustments. Also using the Lens Corrections Adobe Lens Profile (which is where I really seem to notice the difference with DxO), though it takes care of Chromatic Aberration quite well. Yes I do have some basic ISO specific defaults - 3 pretty basic ones to act as starting point.
I always have a back-up of my RAW files on an external drive (actually 2), but I was thinking about keeping my DXO processed files on a 3rd external drive and importing them into Lightroom when needed.
Paul, exactly what do you see as "all the compromises" of a "baked" RGB image?
The "main" attraction I see with DxO is that it provides a pretty good equipment specific (and to some extent shooting condition specific), hands-off, automatic starting point on RAW files, with very good lens and optical corrections. It seems I can get to a "good looking" image with less manipulation than in Lightroom. But now with a bit of time on my hands I am going to process a number of files side by side in the two applications and then evaluate.
When words become unclear, I shall focus with photographs. When images become inadequate, I shall be content with silence. - Ansel Adams