True - RAW can help disguise a lack of skill and allow one to correct errors.
What I meant was just because a camera has RAW doesn't mean it'll take a great photo. The quality of the glass, chipset, SN Ratio, dynamic range etc. are all just as, if not more, important.
Look at the OP's title. Is RAW THAT important? I'd say some photography lessons might be more so if the primary reason one uses RAW is to adjust the colour temperature in post because the user can't operate the camera properly.
I'm going to have to quibble with you a bit on this.
Your assertion that RAW "helps disguise a lack of skill" is only partially true.
There are some scenes that have a larger dynamic range than camera sensors are able to capture. What follows is an example of why I only shoot RAW these days.
I recently got back from a cruise vacation with my family. I took both my D700 and Canon s90 on the trip. I ended up using the Canon point-and-shoot much more than my DSLR largely out of convenience. The camera you have with you is always better than the camera you left behind....
At dinner one night my parents wanted a family photo. The Nikon was locked in my room safe (who wants to lug around a DSLR to dinner?). We asked the waiter to take a family photo.
Window behind us looking out upon a daylit ocean while we were indoors in dining room light. Huge dynamic range. In this scenario, there isn't an exposure regardless of camera, sensor size, film vs digital, etc. that could properly expose the scene. If I was hoping for a professional shot to correctly expose the entire scene, the alternatives are limited. One way would be to gel the windows to lower the outside exposure (not bloody likely, we are just passengers on a cruise ship). Alternatively I could have opted to use flash. Even with a DSLR, the flash options would have been limited (we are eating dinner and having a waiter take the photo--using off camera flash, diffusers, soft-boxes, reflectors, etc. wasn't really an option). Using on-camera flash (even for fill) didn't seem like a great idea either since there was a window behind us (I was worried that even if I dialed down the flash power I would still see very annoying reflections which would have been a pain to deal with in PP). Instead I made the decision to just set the point-and-shoot in program mode and hope I would capture enough detail in RAW to clean it up in post and make it acceptable.
Here is the result:
It isn't perfect, but it is a vast improvement. Acceptable for what I need from the image. Debatable if I would have been happier trying out some on-camera flash and dealing with the reflections on the glass, but I didn't have the luxury of taking multiple shots at the time. I could only produce one image and I had to decide what was likely to result in the best image. RAW saved me. Wouldn't have been able to salvage this if shot in JPEG.
Regardless of your skill level, there are some scenes that cannot be captured regardless of your skill level. Don't want to enter into a film vs digital debate, but the dynamic range of some scenes exceeds the ability of a camera to capture. For some "normal" scenes, JPEG is really all you need if you are skilled enough to get the exposure right in camera. But for some scenes with a large dynamic range it is impossible to get a "correct" exposure regardless of your skill level. RAW can save you in those scenarios.
Final image with cropping. This is totally acceptable for what I need from the image. Lots of happiness expressed from those for whom the image is intended (i.e. family members who don't care that the lighting isn't perfect, some fill light would have made it "even better", etc.). The background is still blown out, but there is enough detail there to make the context of the shot clear (i.e. taken on a cruise). I don't need "perfect" lighting for this shot. I just need the people in "good enough" lighting that it is easy to see their expressions and enough background detail to place the image in context.
To the OP: after going on vacation with a Canon s90 and shooting around 400 images with it, I think it is perhaps the best point-and-shoot on the market. Image quality is fantastic when the limits of the form factor are taken into account. More importantly for me, it is very easy to use. Menus are intuitive and the 2 command dials are extremely easy to use.
One of the issues I've had with point-and-shoots in the past is that they can be extremely challenging to actually use. Making adjustments, regardless of whether you are in program mode, aperture mode (assuming the camera offers it), shutter mode (assuming the camera offers it), or manual mode (again assuming the camera offers it) can be such a PITA that you miss the "critical moment" while figuring out menus. The s90 is almost as easy to use and adjust on the fly as my D700. Absolutely love it after using it on my recent vacation.