The software that is on the CD with the camera can download raw - Silkypix, it does the job but it isn't Photoshop. The Photoshop Camera Raw upgrade that will support the HS50 will probably be along later this year. They upgrade roughly every 3 months, but the next scheduled upgrade doesn't support HS50, so will be the one after if we are lucky.
Shooting in raw is the best way to go. I took a shot of a kingfisher on the HS20 I used to have, was a shot in a few seconds and I didn't have chance to think about anything other than get the bird in focus. The image straight out of the camera was of a black bird, thankfully as it was raw I could alter the exposure and actually recovered the picture to an acceptable level. If it had been jpeg then it would have been the bin for it.
Until Photoshop camera raw is updated that's why I am shooting raw + jpeg - will process the raw files later using either Photoshop or Lightroom. The minute the upgrade is available I'll drop the jpeg and shoot raw only.