this could be a long drawn out conversation.. maybe suited for elsewhere? also do a web search.
in my opinion you should always shoot raw. the bottom line is you will never know when you capture an image that can make your career [financially or through prestige]. it may be shooting 'dog of the day' assignment for your tiny newspaper or goofing off with friends or covering a wedding or at a major ski comp. you never know when an image will happen in front of you and if others want to use it behooves you to be able to reproduce it in any format at the highest quality possible. newspaper print is close to toilet paper. but large display on the web and hq print like a rotogravure press will suffer from the lack of quality.
pros - highest quality file. 12 or 14 bit imaging [read higher dynamic range]. in digital imaging [contrary to analog] clipping highlights is the worst thing you can do, with jpeg you cannot recover that data, but in raw it is in some situations.
cons - storage size and computing power required [read time consuming] are extremely high. requires post-processing sharpening and toning.
pros - a compressed file that holds a large amount of detail. much smaller than raw [~1/4 the size at quality 10]. can look dynamic right out of the camera [read faster workflow] because of in camera presets.
cons - 8 bit imaging. losses quality with every open and save [even if you don't do anything but save!]. No matter what you do you will never be able to have an end product that is as high quality as the original file you captured [you can come close].
those are the basics. sorry to hijack the thread. if anyone would like i can email my data sheets that i gave all my college freshman students. cheers.