Excellent post Seafox. Personally I shoot with a Cannon 20D configured to produce both RAW and JPEG. It reduces the number of shots I can put on a card (not too worried I shoot with a 4G CF going to the new 8G) and slows my fps rate down but I love processing my work using Photoshop Camera Raw.
I find for the best manipulation of the RAW format the Cannon software is easier to manipulate but Photshop allows you greater control of the finshed product.
Dive safe
Dave