dcraw doesn't list the camera as supported because it doesn't have specific color matrix values (basically a color profile) for that particular model yet.  Meaning color might not be exact from dcraw, but you'll notice that QU has a custom profile for that camera which more than takes care of that problem.  So while dcraw doesn't specifically support the M3 yet, QU fully supports it by supplying an accurate ICC profile for color.  Guess I should update the supported camera model list to add that camera.  

QU is not limited to dcraw capabilities.  Even though it uses dcraw as a framework, it adds to it by supplying extra features and compatibility.  For example, QU can make use of the camera's WB setting on any Sony camera while dcraw cannot (on many models you have to use dcraw's auto WB instead of the camera's).  It also does lens corrections, auto black levels, and other things dcraw doesn't support.

Regards,
Mike

Hi David,
Try this for fun: take a series of shots of the same scene (say 4 or 5) and deliberately underexpose some and over expose others (use exposure compensation) , at least by  one stop in each direction and have one with correct exposure.
My experience is that when I download bracketed exposure images and allow QU to process & create the cache, I hardly see any difference in them on the thumbs and then the images. That's how good QU is at "smart" raw processing, it's more than just a default setting. The refine screen is there to cope with more difficult shots when needed.
Terry