I've yet to meet an event photographer that shoots raw. Can you image having to process 1000 raw images and get them on the web or to the press within hours?
I always shoot RAW it retains the most information, Also a good idea to do as little editing to your photos as well and save them to another lossless format like a tiff, If at the end of the day your gonna print them to any good reasonable size you want as much quality as possible.
But Jpegs have there place and there great for low rez applications like websites, snapshots etc.

As a Sony user, I find I'm starting to shoot jpg more and more these days. Features like auto-HDR, panoramas, and particularly multi-frame noise reduction make it the better choice in certain circumstances.
What program are you using to process the RAW files?
As long as I choose the correct White Balance, either by using the WB that I set in the camera, choosing a WB preset while processing in Adobe Camera Raw, or using the White Balance Tool in ACR on something neutral in the scene, the colours are pretty accurate. Sometime it just needs a slight boost in saturation, but most times a change in contrast can can boost the colours enough. :shrug:
I'm using lightroom 4. If I get the picture looking right in terms of exposure and then put the saturation up it still doesn't look like the JPEG that comes out of the camera. I have been using the 'velvia' setting on my X10 for the JPEGs but I thought all that did was boost the saturation anyway.
I would doubt it is just boosting saturation. It would be applying sharpness, contrast and possibly all sorts of other things to get that effect.
And if you like the effect and don't need to try and recover a badly exposed shot then why not just use the JPEG anyway.