When you do a RAW conversion in most all converters other than ACR (the one in PS CS), it saves a seperate converted file with either a JPG, TIF, or other extension. The RAW file is not changed although **** data in it may be. The RAW file will thus appear to Extensis or most other browsers just as it did before.
On the other hand, the browser inside of ACR lets you apply a selected RAW conversion template to selected images in a folder. When you then view them in the browser it shows you what they will look like converted. Then if you open them into Photoshop it applies the RAW conversion on the fly based on the applied template.
Cheers,
rfs
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