I'm surprised that people are expecting ("Crappy upgrade?") to get a feature that even Photoshop users had to pay $100 for up until the current version built in to a simple image organizer that costs $50 in a bundle with a movie editor, a DVD creation app, and a midi sound studio app. If iPhoto cost $50 alone, maybe, but it's really just a little piece of software for the Joe Consumer to get some pictures out of his camera, sort them, maybe adjust the color a tad and crop them, then print.
Not that RAW support wouldn't be nice for the few people who use it (which, if you took a survey of consumer-level digital camera users, I'll bet would be an EXTREMELY small number), but in addition to support for reading and manipulating the format, Apple would also have to add more image control than they currently have (and do it a bit differently than they way they do now) to make working with the format useful.
Maybe they will add it at some point, but I really doubt that it's a feature all but a tiny fraction of iPhoto users would use at this point. Heck, I don't think Quicktime even supports RAW right now.
