Photoshop Elements :: RAW Files In IPhoto Open As JPG In 10?

I have a new Mac Air, and have been using Iphoto '11 (9.4.2).  I downloaded PSE 10 through the App Store.  In Iphoto I have clicked the "advanced" tabs to use PSE 10 as external editor and to export files as RAW.  However, whenever I try to open a RAW file in PSE 10, it becomes a JPEG.  This is true for both NEF (Nikon d300) and RAF (Fujix-100) files. It is also true whether I try to open the file through Iphoto by clicking the edit button (with PSE 10 as the external editor), or opening the Iphoto file directly through PSE 10.  Also, when in Iphoto, it shows the file accurately as either NEF or RAF), and I can use the RAW editing in Iphoto.
 
Meanwhile, PSE 10 has no problem opening either type as RAW when I use a source different than Iphoto, for example from the memory card directly out of the cameras.