Fuji X-E1 - jpgs, raw conversions and dynamic range

I saw a comment recently that 'Aperture conversions look just like the jpgs. that the Fuji X-E1 produces, so why bother with raw conversions?'

Well this is why.

Out of camera jpg.

Conversion from raw using Aperture

Conversion from raw using ACR in Photoshop

And the Aperture and ACR versions are just the starting points.