I primarially shoot in RAW. It gives a lot more latitude when processing. It is also a non-destructive format; meaning that the changes you make are saved to the file and can be reset at any point, even after saving the file.
JPEG exists to make sharing and storing photo files easier.
RAW exists to give you the best data to create the best JPEG.
Kind of simplistic, but the closest I come to right now.
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