Alan,
Further investigation appears to show that my NEF raw files that have had ratings changed are getting deleted during the save. It appears that it's at the end of the process, there is a temp file in the directory but the file I was editing has been deleted. I suspect the temp file is at the end of NX2's ave process. This seems to be a weakness of NX2 but I'm only having this problem with files that have ahd the rating chanced in PM.
Is this on Windows or Mac OS X? Which version of the OS?
Which version of Photo Mechanic are you using?
Can you give me an explicit set of steps that will reproduce the issue? Also, screenshots of the General, Files, and IPTC/XMP tabs would be very helpful. You can post JPEGs of them via the "Additional Options...' link when you're composing your forum message.
Thanks,
-Kirk