I've just changed from a 500D to 550D. With the 500D Elements 7 handled the RAW files with no problem.
E7 does not recognise RAW files from my 550D.
I've downloaded and run the latest RAW CODEC ( crc_1_7_0_56_7L ) from the Canon site but it has not made any difference.
No problem with DPP though but I prefer to use E7 as part of my long used work flow.
Any suggestions appreciated.