I've dabbled w/ it a bit -- I don't know all the RAW formats it supports, but it works on my .CR2s, although I don't use it for raw conversion (still using RSP). I generally use it on my friends/ family jpg before I post them -- the quick fix does an OK job and it does it reasonably fast -- the performance hit is from indexing the pictures and it does seem to take a long time to do it (kinda like LightRoom b3).
You can check out the discussion group at UpShotphoto.com -- there aren't many posts, but there are several that discuss feature requests, which would give you an idea of what its lacking.
edit:
I checked the help file and all it says is:
Raw File handling
UpShot transparently supports most camera RAW image formats including those from these camera manufacturers:
Canon
Fujifilm
Kodak
Konica-Minolta
Nikon
Olympus
Sigma
Sony