I have been pondering this question very much lately. Earlier I was pure RAW shooter but because of the lack of proper RAW converter for Fuji X-Pro1 files I started to shoot JPEGs. Or wait a minute… It was actually much earlier than that. It was after buying Fuji X100. I was so stunned of its fantastic JPEGs. I have started lately to shoot also RAW to test if I can get more out of them as compared to JPEGs.
My own answer to this question is simple no. Fuji’s JPEG engine is so fantastic that usually I cannot do better with RAW files. And what I have noticed is that it really is possible to adjust JPEG quite much too. Much more than I have thought of.
Here are few shots taken with Fuji X-Pro1 and all of them are shot as JPEGs. Many of them have been adjusted quite much in LR.