In article , Bob Larter
wrote:

TTBOMK, the only transformation is the A2D
conversion. And that lack of transformations is, after all, the whole
point of the RAW file format in the first place.

basically that's true, however, nikon did apply white balance to the
raw data in some cameras before writing it to the file (d1 series, if i
recall). i doubt that's what he meant, and as far as i know, it's no
longer done.

not to sidetrack, but the only cameras that actually do a transform are
sigma/foveon. the raw data in a sigma raw file is *not* what came off
the sensor and has gone through quite a bit of processing before being
written to the file (which is kinda funny, given the crazy claims about
it being 'true colour').