highly doubt the PV2 camera has much RAM so converting the raw files to dng in the PV2 will kill the performance and create huge buffering issues/delays. The camera/image processor is slow as gravy....capturing jpegs takes a couple of seconds, evidence of SLOW. also, you cannot capture RAW on burst 3, 5 + modes...because it eats RAM and b/c its...slow.
Not an expert, but with all the other problem with the PV2, I think smoke would start billowing out of the PV2 camera if it tried capturing a full raw (ave. 10mb+) file AND then converting that file to dng.
even with a pro DSLR, which I use, shooting on continuous capturing RAW runs into buffering issues. Adding dng conversion to a pro DSLR in-camera would kill the performance because of the buffering.
don't get me wrong, it would be nice for in-camera conversion, because then we wouldn't have to pay Adobe to upgrade our LR and PS every few years to get the latest and greatest camera RAW when we buy a new camera.
this should have been done before the PV2 was released and advertised capturing RAW.