The flowchart I have provided Bob is a simplification of the process to illustrate what happens with the image processing in most digital cameras today.
I probably should have shown the line between the Bayer filter and the sensor as bi-direction, meaning the info flows back and forth between the too.
Of course there are thousands of ancillary circuits attached to or working with the sensors. The sensor itself is actually an analogue device, in which the photos that hit the picture elements (pixel) then convert the varying voltage created by the varying light intensity into a numerical reference of ones and zeros via an ADC (analoge to digital) converters. There are also feedback loops, counters and many other circuits tied in including the focusing system and the iTTL of the flash that also takes data from the sensor.
Needless to say, there's a lot going on within the electronic brain of today's modern camera! To put it in perspective, the computing power of the camera in your hand is greater than the first modern computer called ENIAC built in 1946. That vacume tube device weighed 30 TONS and occupied a whole floor at the University of Pennsylvania! More here: