"I use iPhoto, Aperture, and if necessary, Photoshop CS3. So I don't really care whether the camera does the internal processing or not as long as the image data is there to work with. "

That only applies if you camera can output a RAW file.
A RAW file is pretty much the same as a negative, a starting point.
When you start with a JPEG file you already have a processed image ( a print if you like) weather you like it or not so you can only manipulate what your camera has already done not what it captured.
Most compact cameras, including your Olympus, do not have a RAW output.
However it sounds like you are happy enough with what you have , so keep that.
Franco