I bought an S100 about six weeks ago. Have been using it more than my 60D DSLR since I got it. It's the only camera I took on my long Uintas backpacking trip last week and I just started going through those pictures this afternoon. Most, I took in JPEG, using auto or semi-auto settings on the S100. But some, I took in RAW and so am able to "develop" them to my tastes. Using either the free RAW converter that Canon proivides - DPP, or ACR. I use DPP the big majority of the time because I can fly through a lot of conversions quickly with it. But on the few that I feel are deserving of a few minutes special attention, I use ACR as some of the features I feel are more powerful and bring better results than DPP (the fill light and vibrance settings, plus the "adjustment brushes"for instance).
To my mind, there is no doubt about it, a night and day difference, the ones I shot in RAW are turning out waaaaay better than any of the ones shot in JPEG. That includes the RAW files I batch process in DPP, spending scarcely 15 seconds each on.
I think that in a nutshell, RAW is the entire advantage of a "high end" P&S. Because RAW gives so much greater flexibility and control in final output. And you don't need to know anything, or have any talent to get improved results over JPEG, I'm living proof of that.
Not that MY shots from the S100, or any other camera for that matter, are anything to get excited about. But, for my meager efforts, it is clear that RAW is the way to go for best results.
- DAA