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Or to but a duller point on it, choose the best format for the job. MEP makes some good points, and as I've confessed online many times, I shoot JPEG more than RAW.
That being said, those of us who like iPhoto haven't really had the option to work with RAW format within our chosen workflow. So now that iPhoto 5 supports the storage and retrieval of these files, not to mention some convenient editing tools, it's fun to explore the new capabilities.
In the end, our readers can decide which format is best for them in any given situation.
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