Microsoft Pro Photo Tools provides a set of tools for photographers to perform various tasks with their images—including RAW captures. The current version enables you to quickly geotag your photos, view and edit metadata, and more, leveraging the power of Windows and Microsoft Live Local.

New in Microsoft Pro Photo Tools 2

Support for reading and writing metadata to/from XMP side cars so that metadata will interoperate with Adobe products. This is in addition to reading and writing from the file.
Users can convert from RAW to JPEG, TIFF, and HD Photo using "As Shot" settings. This includes the ability to resize the image.
Users can view actual RAW image in addition to thumbnails
Support for 64-bit Windows
Support for international locales
Improved UI for geotagging

Limitations: Requires .NET Framework 3.0