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I am not exactly sure that I understand how you reduce the noise, but the results are pretty good. However, there is a disadvantage to your process: the image is darker and the colours less saturated.
That is because I did the conversion from linear data in Images Plus. I estimated the appropriate gamma by eye using curves rather than just punching in a gamma conversion number.
Saturation is easily manipulated as well. I picked a saturation and brighness by eye. The only other thing was I did a white balance on the table cloth.
Your method is pretty good, it definitely wipes out the noise. It shares one thing with other NR packages, it gives a painted with watercolors look. Neat Image is the strongest example of this.
I used to use Noise ninja with reduced smoothing setting. Sometimes I found it greatly magnified some detail in the image into an artifact. At normal settings it did not do this. So you had the choice of a smoothed, smeared look or one with strange lumps.