I recently came across a great post from one of the developers on the Photoshop team. It's called "Why doesn't my version of Photoshop or Lightroom support my camera?" by Jeff Tranberry.
Jeff offers a logical workflow that explains how to stay current, how to confirm the status of your camera, as well as a workaround using the Adobe DNG converter. It's a great article and worth the read – http://blogs.adobe.com/crawlspace/2011/03/why-doesnt-my-version-of-photoshop-or-lightroom-support-my-camera.html
Speaking of DNG, be sure to watch this useful video which explains the format.