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I use the pre-compiled DLL

I use the pre-compiled DLL and I have settled with calling FNINIT right before I call the procedure with LibRaw code and it works perfectly.

I guess the compiler made some assumptions (that it shouldn't have?) and the generated code is probably MMX because that and FPU do no mix well without clearing flags in between.

Not too many people will experience this problem as assembly is falling out of use so I don't know if and where this should be documented in LibRaw or if VS2010 can be told to optimize for SSE (it does not have this incompatibility) instead for MMX which I suspect is the case.