With the Fuji files, I personally don't think you can make definite all or nothing statements, as C1 gets around the issues by applying too much blur in the demosaicing alogrithim, and LR seems to pull out the edges a bit more than necessary, neither of the tools seem able to get all the surface details that are there, (when you use Iridient developer for example). To me C1 has some positives, but so does LR and in no way do I see C1 as the end all to Fuji conversions.
But to my eyes, many times the LR conversion looks better and holds up for sure in a interpolation scheme for making a larger print. Color out the gate C1 wins more times than not, but I can get there in LR. Overall I feel the C1 images converted loose too much details and get a bloated look where as the LR files can start to take on a overdone look which is some cases can start to look painterly.
But for sure I can't say C1 is better than LR or vise versa and I have been working on Fuji X-trans files now since early 2013. LR has gotten better in that it no longer has the issue with haloing around green/blue transitions, which was such an issue before.
Here are some examples of one image taken last fall with a lot of colors and contrast. I used the 18-55 on the X-T1 and as I recall the file was taken at 200 iso.
Quick side by side LR conversion is always on the right side Overall I prefer the look of the C1 conversion but the slight differences are easy enough to fix later on. Note the sky in the C1 is too blue over saturated, but that seems to have happened during the conversion for the web.
Do not judge any of these for color as they start as 100% views of conversions of LR and C1 but during the move to web the colors have taken on a bit more saturation. I am posting these for the issues of details and painterly appearances.
Straight forward, the small trees on the bluff just have more details in the LR conversion, and the gum trees, yellow and red also to my eyes look better. The C1 image looks overall less sharp and slightly interpolated even though it's just being viewed at 100% at 300dpi.
Note also the bare trees in the background, again they stand out much better to me in the LR conversion The C1 conversion looks to me like it's being viewed at 150% instead of 100% which it is.
A close up on the lower left of the shot. Rocks can pose problems and usually I have given C1 the edge here, however with the latest round of ACR in LR, it's improved and I have to give these as a wash.
NOTE again the greens on the LR image appear overdone. Looking closely at the greens you can see some of the issues that LR has. LR picks up the outer edges a bit too much and when you have a lot of greens then you can start to get a painterly effect if you are not careful with the sharpening settings. I still prefer the LR conversion as overall it appears sharper to me. Also look for the finer details in the shadows as the LR file has more there also. Top left of the crop look for the finer branches in the gun tree, they stand out much better in LR
This last crop shows how well LR has improved on pulling out finer details against a blue sky. There is just more there and the areas in shadow right above the bluff look better in the LR conversion. But the strongest example is the yellow gun tree, again this is a view taken at 100% view, there is just more detail in the yellow tree and it's going to allow for a larger print in follow on.
Let me say, there is not a right answer here. Sometimes I go with LR, others with C1. However I often do hand held panos with the X-T1 and now that LR allows the ability to create a pano in LR and save it as a dng I tend to start in LR first. The ability to work on a pano as a dng to me is invaluable as before you had to try to get all the segments close then export and use a stitching software to combine. Now you can work on the dng as one large image before you export. So far I have been very impressed with what LR can do with a pano on the Fuji Files in outdoor landscape situations.
You can get sharp conversions from LR on Fuji files, and to me the end results look better. But you do have to really control the details and sharpening sliders in LR to get the best look. Is it perfect, no, and I had hoped that LR/Adobe would have a newer process available now since back in June there was such a bit announcement by Adobe about working closer with Fuji on the raw conversion. So far only the fix for haloing on finer details seems to have been done.
Is there a better raw converter for Fuji? Yes I feel that Iridient Developer by far gives the best look to the files especially one like my example, but:
Iridient is MAC only, has a very limited toolset, all adjustments effect 100% of the image (no adjustment brushes or masks at least last time I checked), and Iridient will not export as a DNG, which to me would be a great solution. You can download Iridient for a trial and run conversion tests. The difference is pretty impressive most of the time unless you are working a Macro type of shot.
Just more food for thought.
Paul C