This thread is making my head hurt...
Huh? JPEG is not a lossy format, its a heavily compressed format. TIFF is lossy, but RAW still beats TIFF.
More bluntness is required, my head is also hurting after reading this.
Compression is of two types - lossy and lossless. Lossless means no data is missing when the file is compressed and then de-compressed. If anything is changed in this process, it is lossy compression.
The TIFF specification (version 6) allows for both types of compression. A TIFF file saved without compression is lossless. The methods of compression specified for TIFF files can be lossy, i.e LZW or JPEG(!!!!) or lossless, in fact, through user-supplied "tags" (TIFF stands for Tagged Image File Format), any form of compression may be used.
JPEG is a lossy format - there is no way to recover the original data from any JPEG file, even on the lowest compression setting. JPEG does offer variable lossiness, and a lower compression does retain more of the original data, but never all of it.
RAW can't "beat" TIFF, because they are not the same thing. While TIFF and JPEG are published file formats, RAW is not. RAW is type of file produced by a digital camera's sensor incorporating an enormous, uncompressed colour-space, defined and refined by the camera-maker themselves, and not in a format that is standardized in any way.
JPEGs were only introduced because back in the bad old days, no one could imagine sending full-resolution images via modems, or anything less than the high-speed internet we have today, or saving hundreds of images on a hard drive that was less than a gigabyte in size. JPEG solved that problem early on for camera-makers, but unfortunately, that low-speed legacy has followed us into the world of high-speed, high-capacity devices.
So, I see the question the other way around - what's the point of shooting JPEG? In fact, why use JPEG at all? For sending smaller files the PNG format is far more useful than GIF or JPEG to web-designers and allows for decent, lossless compression.
Yes, JPEG compression in the camera allows for faster "bursts" of motor-drive like shooting, but I'm sure we'll see the camera-makers improve on this one aspect of digital photography that seems to still somewhat justify the existence and use of JPEG.
And, let's not lose site of the fact that, once a JPEG is "opened" in photoshop or any image editor, it is not 2 or 3 megabytes of data, it is whatever the pixel-count is after decompression. For example, a 9 megapixel image may be compressed down to few hundred kilobytes, but it will occupy at least 27 megabytes of memory when you are editing it - no saving there!
Please, let's get the fundamentals right!
dmz