There is a technical note from Adobe about the LX3 version expanding the DNG file to three channels for each sensor location due to the revised RW2 format (making the file 3x larger).
Adobe may have fixed that in DNG Converter 5.4. When I run it on .rw2 files from my G1, the .dng is considerably smaller (eg, 13.8 MB for .rw2, 8.6 MB for .dng). I've seen someone report similar behaviour in the Adobe forum for LX3 files (
http://discussions.apple.com/thread.jspa?threadID=1763782&start=45&tstart=0).
The DNG route isn't a perfect solution, I agree, but it might tide you over. Hope it works for you.