Lets you adjust the image(s) before "committing" them to JPEG or whatever. Within RAW files is the actual data taken from the sensor, where as in JPEG it is just an image.
Things like white-balance and colour space can be changed on a RAW, before it becomes an image. When editing JPG/PNG/etc you manipulate the image and lose quality.
Things like white-balance and colour space can be changed on a RAW, before it becomes an image. When editing JPG/PNG/etc you manipulate the image and lose quality.