Emil has stated that raw files are never posterized, and he is usually correct.
Guillermo Luijk has a good demo :

(Click to see source page in spanish)
5 bits vs 8bits in B&W, and it's hard to see the difference though, due to noise.
Some examples are also on
Emil Martinec's article about noise.
Then, there is the problem of color : from what I've seen, the quantization noise (errors induced by a less-than-optimal quantization) is a bit more visible to the eye in color than in B&W (see example linked below).
But so far the examples I've seen of reduced-bit-depth images (
example) show that underquantization must be really severe, say something akin to 10 or 9bits on a linear-encoded raw, to be perceptible.
With 12bits-raws and today's sensors, the limiting factor seems to be noise and not posterization.
14bits seems to benefit a tad on today's better sensors as the k5's one, but it's not very apparent ; we'll need sensors with even less noise at base ISO to see it a real gain with 14 bits.