Yes and no - 10.4.4 correctly reads both European (verified by me) and Japanese (verified by a poster on my blog) 350D RAW files, but playing with IPTC tags makes 10.4.4 render the image as pure black :( I haven't tried to test the quality of the image conversion itself: the inability to add tags has made me ignore OS X as a valid base for RAW decoding and look at non-native alternatives.
I've put up a quick note about it, but have been spending most of my time messing around with Adobe's Lightroom Beta 1, which doesn't do much with IPTC at the moment, but I shall test each time they release a new version.
If Apple do stick with this decoding method, then I really hope they decouple the RAW update from the O/S minor release version.
HTH,
--
ian.