According to the users manual it seems to me that both peripheral illumination and color shading correction are applied not only to the jpg but also to the DNG files (distortion corrections are for the jpg only).
I have tried to test it and what I have found is that whereas the peripheral illumination corretion goes to both the DNG and the OOC jpg, the color shading corretions is not applied neither on the jpg nor on the DNG.
To test that I have deliberately forced an exaggerated red shift corretion into the four corners, and than into the upper left corner only: none of them is being applied either on the DNG or on the jpg, but, even more intriguing, when I look to the DNG thumbnails in the LR4 import dialog,the red shift I have imposed is clearly visible, but only in that thumbnail which I presume is the one included into the raw file.
Is there anybody willing to try to replicate the above? It is basically a curiosity because with none of my lens I had the necesity to apply a color shading correction but I would like to understand.
I habe sent an email to Ricoh about that and hopefully they will give me some explanation which of course I will share.