Use the Digital Photo Professional software that came with your 500D. You can use Photoshop or Elements too, but the Canon software is very good and is designed for their camera.
You can adjust exposure, sharpness etc, basically everything the camera does with a RAW file to produce a JPEG. The difference is that the camera does this in milliseconds according to set algorhythms and the user selectable options in the Picture Style. With a RAW file you can adjust these yourself to suit the effect you were after. It takes time though...
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