When I purchased my Olympus E300, then E500, body, I started experimenting with RAW and Adobe RAW converter. It has a steep learning curve to say the least. As it is a sort of "digital negative" at first glance they look a tad bland. This is a good thing! RAW gives you the utmost control over how the image looks in the end. JPEG out of the camera generally suffer from a lot of compression and sharpening artifaction. OK for the web but lousy for serious work. TIFF files, I think, have the same issues but are very large files. RAW files have no post camera processing save for perhaps ISO or some other metadata.
I sometimes shoot RAW+JPEG. That way I get to see what the camera thinks it sees, and the ability to tweak it with the RAW negative. It is important to remember that RAW allows you to have total control over the look and feel of the image. It is your interpretation, NOT the cameras. Sometimes I never even look at the camera JPEG until after I have it looking the way I interpret it. I never want to get biased before I have a chance to work the file over.
One of the best things I've found about RAW and caving is the ability to control the white balance. I use a QPCard and shoot various test shots under different flash bulbs and the like. Then, using Adobe, I find just the right color temp for the shot.
Conversely, white balance adjustment is an easy slider change in Adobe. Often, I'll insert the QPCard into my first shot, when doing say nature work, so I have a reference for later post processing.
I used this technique in the image below. The Meggaflash PF330 bulbs always had a weird color temperature, but I was bale to correct this easily with RAW
I highly recommend the book "Camera RAW with Adobe Photoshop" by Bruce Fraser. It is an excellent primer for the world of RAW.
Here are two non-cave images showing what a RAW file off the chip looks like
and after post processing in Adobe
All the sharpening, color correction, enhancement, saturation, contrast--it's all up to you! To me, keeping the digital negative is very important. A TIFF or JPEG is no better than a paper print, then tossing the slides or negatives in the trash.