Try open a camera RAW file, then just save the file to either JPEG or TIFF format using the SAVE or SAVE AS command from the File menu.
Now, use a viewer/reader than can read EXIF to open the saved file, i.e. iView Media Pro or EXIF-O-Matic, etc..
I have failed to see any EXIF information now! All gone with the wing.
Strangely, I can still see them if I use the PS CS browse window... there's no such problem with PS 7.01. and ACR 1.0
Anyway here's an explanation on why this is happening some 3 hours from Adobe's Thomas Knoll on the no EXIF showing in camera raw converted files:
Photoshop CS's metadata logic is based on XMP. ACR 2.0 transfers the exif data directly to Photoshop CS via XMP.
You need to view the resulting images in an XMP aware viewer to see the EXIF data inside the XMP data block.
So the EXIF data is there, not just in a form that older programs can see until they are updated to support XMP based metadata
Hope this will explaination will help you all understand.
Great explanation but I'm not aware of any XMP metadata aware app for extracting EXIF....