Once the file is converted from RAW to TIFF, then my choice is Photoshop (CS3). I have not upgraded as I also believe that my hardware will need an upgrade to maintain efficency with CS4.....so not yet.
For RAW files, I have been using Adobe Camera Raw, which is the same engine as Lightroom although LR implements a better user interface.
I experimented with Bibble and I do admit though that the RAW to TIF conversion in Bibble is superior to that of ACR/LR in terms of absolute sharpness. I use a Nikon as my "35mm" DSLR and for colour accuracy, only Nikon NX or the free View NX will convert the NEF file 100% fidelity with the original capture by the CCD. Bibble/ ACR/ LR tends to interpret the colours in the RAW according to their own respective algorithms. This point is important to note if colour fidelity with the original subject is critical eg for product catalogs etc.
This is also true for LEAF .MOS files where LEAF Capture gives "correct" colour conversion but not so with Bibble and ACR/LR. I cannot comment for Canon/ Oly etc as I do not have enuf experience with those files.