Recently I bought the Magic Lantern Guide to the Digital Rebel XT EOS 350D. The book mentioned that Canon's Digital Photo Professional is now bundled with the camera, and that it's pretty good. Sure enough I found it on my CD. I decided to try shooting JPEG and RAW and give it a spin.
I'm impressed. The JPEG+RAW fills my memory card pretty quickly, but even so I rarely get beyond the 60-70% level before I transfer images. The latest version of Canon's DPP (download the patch) breaks Canon's EOS Capture however. I'm using Image Capture to pull in the images, embedding sRGB profiles in the JPEGs. I then review in DPP. I make major changes to images there. If I don't need to fix an image, I delete the RAW (CRF) file. If I do need to fix a JPG, I work on the RAW/CRF file and save it as JPEG 8 bit, then delete the CRF file. (I wouldn't mind, however, an option to save as JPEG 2000 or DNG.)
When I'm done I rename the files with my usual naming convention (YYMMDD_RoleName_IMGNumber) and dump them in iPhoto. Overall it's a practical way to learn more without burning lots of disk space. It should work for me until I switch to Aperture post the 1.1 release. The only glitch is that DPP is agonizingly slow at converting to JPG.