I just don't understand why some of you are saying that processing RAWs takes so much more time. I don't mean this in a nasty or condescending way, but have a look around the web for workflow tutorials etc there may be things you find that will really help. I know my own workflow is constantly evolving and not only am I getting faster but I'm getting better results in less time.
I spend far less time working on my RAW files than I ever did with my jpegs and everything is so easy - from images that need just the standard tweaks to images that I want to give more lovin'. No matter which format you use there's stuff to learn to make your images turn out the way you envisioned them.
If you haven't checked out Lightroom, head over to adobe.com and grab yourself the free 30 day trial. It's a very powerful tool that may help your workflow - jpeg or RAW - as well as keep you organized.
My biggest regret when I started shooting digital was not using RAW because I was under various misconceptions (too time consuming, too big, too slow (this one was true on the Oly 5050 but it was still worth it), too hard to learn blah blah blah).
I can't imagine ever willingly throwing away perfectly good data that I might want some day. Storage is cheap, cameras are fast and life only happens once.
Whatever format you choose, get out there, have fun and shoot til your fingers bleed!
@John G - I've routinely shot more than 235 images in a single dive (granted mine aren't 30 minute dives). you might want to consider some bigger cards - they're cheap as chips. It would truly suck to be on a dive and be limited in the number of shots you could take...you just know that would be the dive with whale sharks mating, mantas doing ballet, barracuda line dancing and sharks singing while swimming in formation
![Big Grin :D :D](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
If you never fill the card fine, but oh the pain to run out!