WTF do you think I've been talking about this whole thread? I've been shooting RAW with the Olympus SP-350, and the differences between the camera JPEGs and what I can get from RAW are NOT trivial. I can get an additional stop of DR from the highlights in ACR over the camera JPEGs.
Geez! After 5 pages of mostly hot air, we now have a few facts beginning to trickle in. At least it's a start.
One whole stop of additional DR in the highlights?? That seems suspiciously high to me. Have you any explanation as to why this increase seems to be greater in absolute terms (and very much more in terms of percentage of DR) than the additional highlight headroom one would expect from the 5D using RAW? When I have the time, I'll revisit this issue with the 5D. My experiments so far have indicated that the differences in the jpeg based review with respect to histogram and blown highlight flashing on my 5D, vary by about 1.33 stops between maximum and minimum contrast settings. In other words, with contrast at a minimum setting, a small amount of highlight flashing is indicative of a RAW exposure that requires an EC setting in ACR of around minus 0.66 stops to recover high light detail. 2/3rds of a stop less exposure removes all highlight flashing, but I'm making an assumption that the highlight warning is accurate with respect to the jpeg image. I haven't actually compared a jpeg image with 0.66 stops less exposure with a RAW image with 0.66 stops more exposure.
It's perhaps very revealing that a Google search on RAW performance of P&S cameras does not throw up much at all. However, the Olympus SP-350 does not appear to have spectacular image quality, rating around 6 or 7 out of 10 in some reviews, ie. good as opposed to excellent. Being as cynical as those who claim arrogance on the part of Canon for not including RAW on the G7, I could claim that Olympus decided to offer a RAW mode on the SP-350 because they realised their in-camera processing was not on a par with the best out there. But that would be speculation. However, to get to the bottom of this, we need a reviewer such as dpreview to do some serious comparisons between RAW and jpeg (at minimum contrast and saturation setting) as well as between RAW with one brand and jpeg with another brand.
Alternatively, you guys could send
me your P&S cameras (with RAW support) for an unbiased, impartial and dispassionate comparison .