Upload & Sell: On
When PN launches, it reads the raw data and exif, matching camera and lens with on-board profiles making default, for that configuration, adjustments to render the image in the editor. At least that is how I understand it. There are 4 or 5 parameters 'set': exposure, sharpness, color, etc.
The first image is the basic settings plus some adjustments within those domains - 'detail' within the broader exposure domain - see screenshot. - for example. Additionally I applied the BW setting for medium contrast, not adjusting colors to apply tonal shifts.
The percentage is the percent of the full image ( 1:1 ) displayed. So 25% is 1/4 size of the full image just as zooming in LR.
The 2 100% clips are the basic image with only exposure applied - the default NR, Sharpening, color correction, etc settings were deselected.
PhotoCraft released a 'prerelease' version 1.1.0 today which couples PN to CSn as a plug-in permitting one to choose PN rather than ACR for RAW conversion. First time I've tried it, whether it can be used as a smart object in a layer context I do not know.
Kent - the trial does not expire - you cannot save any work/images. What's amazing, is it is only 10MB in size and much of the engine is BSD, GNU, or public domain licensed. The interface is developed using QT.