Is the Olympus Highlight & Shadow Control for jpeg only, or does it affect raw files?

Question

Is the Olympus Highlight & Shadow Control for jpeg only, or does it affect raw files?

In other words is it an effect that can be accomplished just as well in post-processing, or will it adjust the actual sensor gains values and compress the dynamic range?

Answer 1

It only affects the JPEG. On recent cameras it can be adjusted during in-camera RAW processing.