Someone asked me, after my JPG vs RAW posts (1, 2, and 3), why I kicked my camera over to save images in JPG mode for doing the 9-shot bracketed HDR. My thought process is like this: I usually shoot RAW because I like the flexability that it gives me to… well, save my photo. I take a lot of pictures of a rapidly moving daughter, so I need that flexability.
For HDRs, though, I don’t really need the flexability. Think of it like this: a normal RAW image gives you between one and two stops to either side of the center. If you’ve mildly over- or under-exposed, then this will be easy to fix. A 9-shot HDR gives you four stops to either side. It’s already way ahead of the game.
If that were a 9-shot RAW pic? That might push the overall range to 5 stops on either side. We’re already wide enough in range at that point, that the extra stop doesn’t really mean much to me.
So I usually skip it.