Thats nice if your lighting conditions are 100% perfect. Say for instance you are shooting inside of a room lit with tungsten, flourescent and natural light sources. The walls are painted beige and the floor is a dark red wood.Originally posted by BerserkerCatSplat
I use RAW when I think I'll need to do a lot of adjustment later (ie using multiple lights in the dead of night), other than that JPEG is perfectly acceptable. I rarely need to adjust WB or exposure, I prefer to get that right when I take the shot.
In this scenario you have no way that you can accurately do a white balance and you are bound to get incorrect colour casts on your subject matter. These adjustments must be done in post production. This is where RAW excels.
Even in the film world you would have special films for certain lighting conditions, however there is still quite a bit of work done in the lab once it comes time to printing the image.