If I understand you correctly, the dual CF cards will BOTH record RAW+JPEG?
Yes and no.
In the "shoot 2" (camera icon) menu Img type/size menu allows you to specify your choice of RAw (raw, M-RAW, or S-RAW resolution) + (L, M1, M2, or S resolution) JPEGS, RAW only, or JPEG only, if you have the camera set to "Record to multiple."
Also in the shoot2 menu you can choose the compression quality of your JPEGs - the scale goes from 1 to 10 for each JPEG resolution.
In the Set Up 1 (the wrench icon) menus, the firstline item option, "record func+card/folder selection", punch the set button to pen up its options. The first line item there is "record function" and the options there are standard, Auto switch card (so if you fill up the first CF the camera starts recording on the second CF), Record Sep(arately), and Record to Multiple (in camera backup).
But If you choose the "Rec. separately" option you then have to go back to the SET UP 1 menu and in Img type/size line you can choose which resolution format or which resolution JPEG format for each card but you can't set either card 1 or 2 to record only RAW (or JPEG) and the other card to record RAW+JPEG.