RAW
Also known as a "digital negative", the RAW format was developed by camera manufacturers that realized there were still photographers out there who wanted more control on how the final picture would be.RAW format is often praised for having the most information to generate an image file. Just like how a photo print can be developed from a negative, a RAW file can be processed to become a digital image.
While JPEG and TIFF may contain changes made by the camera to suit the image, a RAW file is uncooked and you can fine-tune it until the desirable result is achieved. In harsh lighting conditions, certain highlights and shadows in your image may be lost if you shoot in JPEG or TIFF. However, with RAW, if the exposure is correct you can actually retrieve these details back by making adjustments.
RAW format are more commonly found in dSLRs, though recently it has made its way into prosumer models like the Canon PowerShot G9 and Panasonic Lumix DMC-FZ50. Although larger in file size then a JPEG, a RAW file is still considerably smaller then a TIFF.
One thing to note is that each camera manufacturer has its own RAW format. For Canon, it is .CRW and for Nikon it is .NEF. Therefore, you will need the software supplied by them to view and edit your pictures. If you want to share these images, you'll have to "process" the RAW file to a more common file format.
Strictly for the purist, you may find RAW daunting to handle at first, but you'll appreciate the control you have on the resulting image.
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