I tested the in-camera high-contrast B&W last evening with my Ricoh GRD IV and there were few good shots but mainly the shots were too dark and contrasty to my liking. In other hand, the normal in-camera B&W is too boring having no punch. I really like the idea that GRD IV would be my JPEG B&W camera but I am not sure yet.
The shot below is SOOC. I adjusted the contrast to -1 (there are Max, -1, and -2 to select with), and sharpness to 7 (max is 9) in-camera. Also the square format is done in-camera. The center weighted exposure was used here.