Thanks for this info -- it's definitely helpful.
But I'm actually trying to figure out the best settings for optimal compatibility with many other software packages. As i mentioned, I haven't fully settled on a workflow, as I'm still evaluating raw converters and cataloguing software. In the meantime I want to be able to add metadata to my image files in such a way as to maximize the compatibility with the software I'm evaluating, and whichever software i eventually select. I know that's a tall order, but I'm wondering if there's a least-common-denominator approach to applying metadata? I'm not relying on any obsolete software, but may end up using two different RAW converters (as I use two different brands of cameras) in addition to a cataloguing solution (probably Portfolio, but possibly iView or something else I haven't found yet) and of course Photoshop for final editing.
Also, eventually I'm going to want full round-trip compatibility, so I can edit metadata in PM, or my cataloguing software, or Photoshop, and have all the others pick up the changes. Is that even possible?
For example, I've just done a little experimenting with metadata compatibility between PM and Lightroom, and it seems that the settings you've provided above allow me to add metadata in PM that Lightroom can read, but if I add metadata in Lightroom, I need two additional steps to make that metadata available in PM (in Lightroom: Photo->XMP Sidecar->Synchronize XMP, and then in PM: Tools->Update XMP/IPTC->read IPTC/XMP from RAW). Is there a way to make this simpler?
And finally, there are a number of metadata fields available in the Adobe applications which do not seem to be available in PM. These include: copyright url, rights usage terms, photographer email (and contact info). I think I read somewhere that the PM IPTC dialog is not customizable. Is there any way to get at these fields through PM?
Thanks again for your help. I love your software, by the way. I'm just trying to figure out how it will best fit in my workflow.
-Dave