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not much of an u/w photographer yet but i am amazing on land, shoot with a Nikon D300 , i notice when i shoot RAW i can't edit the pics, but i can on JPeg, my advise to you would be if you can shoot on RAW + JPEG Fine, that way it will take a pic of the subject in raw and jpeg.... good luck dude
If you don't process your images and post/print/use them right out of cam, the answer is obvious: Stick with jpg.
If, on the other hand, you do process your images and you have ever compared processing a jpg and processing a RAW image, the answer is equally obvious. It shouldn't take more than one try to prompt you to never consider jpg again.
For UW photography isn't it also a question of macro vs. WA -- i.e., having strobes as your light source vs. natural light? IF you are doing macro and lighting with strobes, is there any significant/real advantage to RAW over JPEG?
It seems clear to me there RAW has a significant advantage with WA/natural light.
I shoot RAW and Fine Jpeg with both my Nikon D80 and D90. I use the Jpegs for quick editing and posting on websites etc. RAW files for more serious work.
I fine that memory is so cheap these days why not shoot both.