I have been shooting more photos in RAW format because of the inherent ability to recover overexposed highlights. However, as a Canon 20D shooter, I currently have the following choices...
Canon FileViewerUtility (primitive, simplistic)
Canon Digital Photo Professional (jaggies, weird skintones)
Adode Camera Raw (small window, simplistic)
Also, none of the these utilities let you see what parts of the photo are overexposed. You have to 'guess' when adjusting 'brightness' (what is that anyway?). Then, convert the photo to a jpeg/tiff and check for overexposure using Adobe Photoshop's levels tool. Then, go back and try again if you didn't hit it right on.
Today, I tried Bibble Lite and wow...problems solved! Bibble's got all the tools you need plus it will flag the overexposed areas with splotchs of color and let you fix the exposure on-the-fly! Too cool!
Here's an image from last Saturday's model shoot with Elda. The jpeg would have been overexposed. With the RAW file, the overexposure is easily fixed in Bibble in one step along with a few additional tweaks for final image quality!
I only have the trial version so far. The software seems well worth the purchase price. A bit more testing first!
Here is the image as shot.
Here is the image with recovered exposure.