the pose, the angle, the light, everything is very good, but the skin tone especially on her forehead needs some work. I think it might work very good in B&W
Actually, photoshop CS reads them just fine (through they are not offically supported, IIRC). For offical support, you can use Abobe's RAW to generic format (.dng) converter (sorry, don't have link handy) and that works great too. For best results, many people use third party converters like C1 and then edit the .tif files in photoshop... so there is nothing to "get over".
I noticed you have used the EOS 20D for this picture. I was actually just wondering.. how did you ever get over the fact Photoshop doesn?t read CR2 files?