Fri 12-Oct-12 02:06 AM | edited Fri 12-Oct-12 02:09 AM by dm1dave
“...is the software changing it for display?” “If RAW has no effect why is it visibly different in software? Is it being changed to jpeg”
Yes, the software (the RAW converter) takes the sensor data and compiles it to render the image you see on screen. The software uses the tags (Nikon software reads all of the tags including all picture control settings, 3rd party software can only read WB) and any presets that you have set up in the software to render the image.
The rendered image that you are working with is more like a TIFF file than a JEPG. The difference though between working a NEF and a TIFF is that each time you make a change the software re-renders the file from the RAW data while applying your changes.