The advantage to RAW is that the image data is raw. The white balance, contrast, sharpening, etc... are stored separately in the raw file. Only after processing the raw file is this other data applied. This means, with the right software (not photoshop) you can adjust these variables before you actually convert the picture to an image format such as jpeg, tiff, etc... without image quality loss. Doing the same type processing to a jpeg will alway result in loss of quality.
If you take perfect images straight off the camera to begin with shooting raw is a waste...i do not, so raws are great.