To reduce noise, try this trick. slightly overexpose your shots by say 1/3 to 2/3 ev. When you process yr RAW photo in DPP, the noise will be slightly lesser if you reduce the exposure. To further reduce noise, get a plugin like Neat image or Noise Ninja for you CS3/CS4. These plugin are quite cheap.
I normally use DPP to process my RAW because its easier and I find it better than camera RAW for CS. Furthermore, whatever you had adjusted will remains on your RAW file so you dont have to keep the hugh TIFF file. Oh.. I convert to 16bit TIFF because you can PP (retains more details) better in CS. Final image will be in Jpeg on CS.
This is my workflow and after getting used to it, it seems quite fast for me.