I recently did my first dive trip with a camera, and I shot RAW + JPG. Which is good, because I forgot to install Elements on my laptop, so I wouldn't have been able to see or share the full size images without the JPG image.
RAW was definitely an advantage. I salvaged some shots that were marginal otherwise, and got better results than the camera processing in many cases.
It's not a magic wand. For me, the biggest thing was that I could adjust the exposure +/-2 stops with little ill effect. Much above that and I started getting noise. It's not quite like I thought it would be, a photo shot at 100 ISO and pushed +3 stops was much, much worse than a photo simply shot at 800 ISO.
If you're curious, shoot a few photos RAW, and deliberately under or overexpose them, or set the wrong white balance, and see what you can do with the RAW version.
- Gus