PNG has the two downsides that it is incredibly slow to process (much slower than TIFF with LZW compression) while providing no size advantage, and unlike TIFF with compression does not save layer data or colour profile information as part of its standard spec. A big downside for those who shoot and save in AdobeRGB for whatever reason. PNG really shines where a reduced colour spec is required such as web graphics but is not so hot for photos.
DNG IS an open spec. That is the point, otherwise it would not exist. The complete spec for version 1.2 can be downloaded from adobe for anyone wishing to implement it
http://www.adobe.com/products/dng/pdfs/dng_spec_1_2_0_0.pdf
Also on that note Save for Web and Devices tips:
- Tick Convert to sRGB ALWAYS! There is rarely a situation where you want to give someone a lower quality version of your file and don't wish it to be in sRGB. This is a safeguard for forgetting colour management.
- Set preview underneath to : Document Colour. (important if you use a calibration system like Spyder2 which applies a colour profile to your monitor or it won't output the correct image to your display).