Photoshop Elements with the Adobe Camera Raw plug-in would be a good choice for a lot less money than CS. There are a couple features of the plugin that don't work with with Elements, but the raw conversion is the same.
Irfanview is free, and converts raw files. The only real drawback is there are no adjustments for the converter - all editing must be donepost conversion.
Ulead Photoimpact is another. I have version 10, which doesn't have a raw converter, but the current version does. Can't say how the converter works, but PI is a more fullly featured editor than PS Elements for similar price. The Photo Explorer software that comes with it is a dandy organizer, and loads thumbnails much quicker than others I've tried.