RAW or JPG? That is the Question.
One of the most commonly asked questions in more advanced digital SLR photography is whether or not to shoot in RAW or JPG mode. RAW basically collects more data from the photo capture that can later be used and manipulated in post production to adjust colors, white balance and much more. By shooting in RAW you can guarantee that a picture can likely be salvaged later with a little help from some software. But to get that extra data, it will cost you a lot more memory. One image in a RAW format on your camera will hoard about 10 MB of space compared to the 3 MB or so a JPG will take up. So you will only be able to take a third of the photos on a CF card if you shoot in RAW vs. JPG. You can even take them in both formats if you have the flash capacity (and with 16 GB cards coming out nowadays, it is very possible).
Generally I don't take pictures in RAW simply because I know that I won't spend the time in post- production to adjust them. At this early stage in my photo development, I take mostly JPEG just so I can work on my composition and technique. This way I can take many more shots and pick and choose from the ones I like or don't like. The drawback of course is that if I don't like the colors or the lighting of the image when I get home, I won't be able to save it. Whereas had I taken it in RAW format, I could have fixed it later.
For events like weddings or other events where you think you might be shooting tons of photos, you might want to consider taking in JPEG because then you can take a lot more shots to get a good one. If you have the memory though and you are the type of person who spends time in post-processing software, then you might consider shooting in RAW. Definitely make sure you get a Type 2 or faster compact flash card if you plan on shooting in RAW because it will need to write to the memory a lot faster if you shoot in RAW. Ultimately the question is whether or not you're the type who shoots hundreds of pictures or the type who likes to shoot a few and invest time later to edit them. If you're the former, shoot in JPG, the latter in RAW. It could even depend on the occasion like taking portraits vs. an event.
Here are some other takes on this hotly debated question: