Pretty much, yes. It has a RAW import feature where you have very granular control over things like color temperature and exposure. Picasa doesn't give the granular level of control but it can read the RAW file and allows you to manage/manipulate it and export the end result as a JPEG.

It is free and pretty easy to use. Give it a download and see how you like it before spending money on anything else. You don't have much to lose.