Yes. You can use LCC on nearly any raw file. A few exceptions include the 5D II sRaw raw format (the lower resolution "raw" file).
Benefits:
- high speed good quality automatic sensor dust removal based on the LCC
- light fall off correction
- color shift correction
On dSLRs the color shift is very minor, but on a 17TS with movements on a Canon 7D you can see it is there and often you don't notice it fully until it's corrected and you can show a before/after.
On the M9 there is considerable color shift despite the built-in corrections the M9 is doing behind the scenes. This "residual" color cast is handled very well.
A word about light fall-off: many people love a specific lens BECAUSE of it's fall off or lens-vignette. The thing is the vignette is only at it's most beautiful when the frame is uncropped. When you present several images together if one of them is cropped and the others are not then the vignette will not be uniform. For some aesthetics/purposes/subject-matter/intentions this is not ideal. By using LCC you can first correct the frame to be completely even, then crop the images as you please, and then reapply a vignette to the final crops. All of this can be done in raw, and, if it's the same lens/aperture then it can be done to all images at the same time using a style so that the total time to do this is mere seconds.
This is what I do with nearly all my reception dancing photos at weddings when using my 24-70L@24mm@f/2.8 on a 5D Mark Whatever. It creates a uniform beautiful vignette, allows me to crop freely (including verticals from horizontals), and takes literally seconds: sort by focal length, select all 24mm, apply "24-70@
[email protected] LCC" style (which I created one time last year), sort by date, continue editing.
Since (after the initial proxy build) C1 makes these adjustments based on the proxy (unlike LR or Aperture) these files are
immediately available for continued editing (I don't have to wait for the files to "snap" into an adjusted state - they are already 100% redrawn a few seconds after applying the style).