Recently, OnOne Software released Perfect Effects 4 Free. It has all of the features of Perfect Effects 4 but with only 70 or so preset effects as opposed to over 400.
However, as all of the functionality of the original software is there, you don't actually need all 400+ effects as you can create your own. All you need is to know how, and you can find out at OnOne University.
Although PE4 is used mostly as a plugin to programs like Lightroom and Photoshop, it also ships as a standalone program, available when you install PE4. It can open raw files as well as JPEGs and PSDs, though with new raw file formats you might need to convert the file first. It saves the result out as a layered PSD (Photoshop) file, a TIFF, a JPEG, or a PNG.
With basic effects comprising Black and White, Blur, Borders, Color Enhancer, Duotone, Glow, Photo Filter, Sharpening, Texturizer, Tone Enhancer, and Vignette, all of which can be applied to stackable layers, creating your own presets is very easy.
Oh, and did I say it's free? You can download it now here.