This has been covered a million and one times. Always go with RAW if you intend on editing.
Here are the pros of each, if you're going to be editing:
- RAW
- allows for changing exposure to a point
- allows for clean change of white balance
- acts as a negative - you can always go back to the original
- avoids degradation from re-compression
- puts more control in your hands (as opposed to letting a 1cm-ish square of silicon take creative control)
- JPEG
There are probably more pro's for shooting in RAW that I can't quite come up with right now, but that's pretty much it for JPEG's side.