Best I can do.

Don't have time to type that much.
Format Pros & Cons:
The Pros of RAW format:
RAW is a digital negative holding all of the data captured by your camera providing you a foundational element to which to apply all of your edits to with no sacrifice of image quality.
RAW file software editors allow you to quickly and easily change the output of your image such as adjusting exposure, white balance, noise reduction, image size (interpolation), saturation, contrast, levels, curves, sharpness, output resolution, bits/channel, etc.
RAW file software editors allow you to load saved adjustment settings and some even enables users to batch process a group of files versus making changes to one file at a time.
The Cons of RAW format:
RAW files take up more space on your camera's compact flash card or microdrive than other formats.
RAW files require you conduct some degree of post processing via photo editing software to convert your image to an editable file type for editing, printing and/or online display.
RAW file software editors have a learning curve, even if mild, and for the uninitiated can be intimidating at first.
Batch processing and/or loading multiple files may tax slower machines and require more computer RAM to keep your software running smoothly.
The Pros of JPEG format:
JPEG is a file format that has been adopted as a standard and can be loaded in a variety of programs making display easy and simple.
JPEG files take up less space on your camera's compact flash card or microdrive than other formats.
JPEGs can be loaded easily by most all image editing software applications, requiring no intermediate steps.
Most dSLRs enable you to choose what size JPEG files (S, M, or L) to save to your compact flash card or microdrive when shooting. This enables you to use smaller images that are easier to handle for email attachments, web display or as an alternate preview mechanism if your camera supports saving files in JPEG and RAW formats simultaneously.
The Cons of JPEG format:
JPEGs are not a lossless file format. Each time the file is saved data is compressed, with some data being lost in the process. The net impact can be loss of color saturation, color range and sharpness.
JPEG files reflect a one-time interpretation of your subject based on the settings of your camera (white balance, exposure settings and output resolution, etc.). Altering these settings and re-outputting a new file, as you can with a RAW file, is not possible. What you capture is what you get.
Interpolating or upsizing an image initially saved as a JPEG can result in less than ideal results. Some 3rd party software applications can do this better than others, but you’re still dependent on using another software application to get the job done.
With specific types of photographed scenes JPEG compression artifacts can appear in prints
Some more info:
http://www.nikondigital.org/dps/dps-v-2-7.htmhttp://digital-photography-school.com/blog/raw-vs-jpeg/http://www.ics.uci.edu/~eppstein/pix/rawvsjpg/