My attempt using Lightroom 3
Hi,
This is a great learning exercise. I thought I'd have a go using Lightroom 3 only. I imported the DNG, then used the histogram sliders so that the blacks were up against the LHS, added +4 fill light, to bring out a little detail in the head and neck, reduced the highlights off the RHS, removed the ?sensor dust spot above the bird with the heal tool, used the HSL tool to increase the saturation and luminance of the eye, increased overall Vibrance to +30, then used Sharpening amount +57, radius 1.4, detail 25, masking 14, luminance nr 11, detail 50, then went back and painted over the bright areas in the water with the brightness brush at -92.
All these settings were chosen by eyeballing the image till it looked right to me. I then cropped it to what you see, and exported as a jpeg using max. file size 240k.
I hope this is satisfactory, as I'm just using a 13in. Macbook Pro for this, and it may be hard to critically evaluate on this sized screen. I'll try again later on a bigger screen if necessary.
Thanks for suggesting this learning exercise! Incidentally, I felt the original DNG file was pretty good anyway, and for those who don't know - the bird is the iconic symbol of the Canadian (and N. USA) wilderness in summer, evoking thoughts of boating and barbecuing at cottages by remote forest-edged lakes, and hearing their wild cries at dusk - the Common Loon (known in the UK as the Great Norrthern Diver).
Richard