yes, josh -- but again it depends on what conversion program you are using.
C1 for example, has it's own noise suppressor which is really quite good. it's separated into 3 sliders, Noise, Color Noise, and Banding suppression. of course as with any noise-reducing feature the sacrifice is loss of detail sharpness and an overall "flattening" of the image.
if you have CS2, i recently discovered a great new feature under filter>noise>Reduce Noise where PS has "automated" the technique where you blur the channel containing the most noise in the image, or even all 3 channels can be blurred separately. what's great is you have a slider that "brings back" details. it works quite well actually. i think this is one of the best improvements over CS.
with that said, if you have a real super noisy image, i would bring it into CS2, and on a separate duped layer run the Reduce Noise filter on it at full strength, then add a layer mask and bring back edge detail and what not. that way you get rid of the noise where you need it. if you don't have CS2, i would use Noise Ninja and do the same exact thing. run it on it's own duped layer and do a layer mask. that way if it's still too fake looking, you can adjust the opacity to bring some tooth back to the image.