Mart, since I never shoot JPEG (except with my stupid point and shoot) I have no frame of reference for directly comparing raws that have been slightly overexposed and then recovered vs JPEGs that were exposed "correctly" in the first place. If you want to shoot some test shots and make such comparisons please feel free
The thing is, there is a lot more to shooting raw than recovering blown highlights, and as far as I am concerned, slightly blown highlights in raw are not a mistake, they are pushing the envelope to the max in order to optimise the maximum amount of
data captured. As far as I am concerned, you don't shoot raw to record images. You shoot raw to record
data. You craft your image afterwards.
Benefits of raw, off the top of my head.....
- You can record more image data and decide later how best to make use of it;
- You can sort out your WB after taking the shot and fine tune the aesthetics;
- You have freedom to apply as little or as much sharpening as you wish, depending on the exact needs of the subject/scene;
- You have freedom to apply as little or as much noise reduction as you wish, depending on the exact needs of the subject/scene;
- You can fine tune black and white points and the tone curve that joins them, while still having
all the recorded image data to play with;
- You have 12-14 bits of data per channel, and not just 8;
- You can choose your preferred colour space after taking the shot;
- You can crop your files and produce JPEGs (or TIFFs) of any dimensions you like, without suffering the losses of double JPEG compression.
- In short, you get to tailor the image processing to the needs of each shot individually rather than having the camera apply sweeping general adjustments to every image, regardless of need.
Of course, people can produce very nice looking JPEGs straight out of camera, but shooting raw gives you the freedom to make some kinds of adjustments without penalty to IQ and can also give you a margin of safety when shooting in an uncontrolled environment (not the studio) and needing to shoot quickly without the opportunity for practice shots.
I'm not good enough to shoot perfectly, every time, and nature seldom provides lighting that is exactly perfect for one's needs, so shooting raw allows me that extra leeway for my own mistakes and to tweak the image for optimum appeal. If I were to shoot JPEG the cake would already be baked and I'd have my options significantly reduced. I like options.
p.s. I may be a bit anal about this, but in my mind, given that we know JPEG to be a lossy format, I do not like the idea of applying any sort of editing to a JPEG file and then resaving again as a JPEG. Even if all you do is to resize for the web then that is still a double JPEG save - once within the camera and once without - and, of course, after downsizing you need to sharpen again, so editing is inevitable. I'd rather only save to JPEG once.