Unless you plan to use your photos for publication, there is little to be gained for most people to take the added step of manipulating raw files. The advantages, however, far outweigh the inconvenience. A raw file can be manipulated to adjust every single creative aspect, and most of the photographic aspects. When shooting raw, all you need to worry about is your ISO setting and the basic exposure. Since there is no manipulation whatever taking place in the camera, nothing is lost in the image that was recorded by the sensor. When you shoot a JPEG file, the camera's processor makes the decisions about how to compress your image to make it fit an arbitrary size. Even though a TIFF is not compressed with a lossy algorithm, the camera is choosing what to keep and what to discard. With raw files, those decisions are left to you.
Read that line again. Color balance may be changed and reset anywhere along the spectrum of visible light. No worry about white point. No worry about fluorescent lighting or somebody's too-dim, too-red living room. The entire exposure range can be expanded or compressed as you wish. Best of all, once you have manipulated the frame and saved it as a TIFF or a JPEG file, the original raw file remains unchanged. It is a well you can go back to again and again, making subtler changes or more radical changes as you wish, all without touching the original. It is like having a film negative in the sleeve that you can put in your enlarger again and again and again.
The only drawback to raw is the size of the files. They are large, and they take a lot longer to move from the sensor through the digic to the storage medium. That limits the number of quick shots you can make.