Why shoot RAW?

There are times when you are caught unprepared specially when you're shooting outdoors. Sometimes the light won't cooperate like when you have a few clouds rolling by and the sun does a peek-a-boo game with you. Other times when a lifer or rare bird is perched out in the open and you set the right exposure and then it just flies right into a shaded area and you have no choice but to shoot with your current settings because you might just miss your chance. Sometimes it's the other way around. You have your exposure set for low light and all of the sudden the sun comes shining in.

Here's an example, shot with my 650D + 300mm F4L non-IS:

Over exposed - highlights blown out

Here's what raw can give you. Processed in Lightroom.

Shooting RAW has its drawbacks too.
1. It takes up a lot of your storage (size varies per camera).
2. It affects your buffer size.
3. You have to do the processing yourself. Which is actually an advantage too. But this can be a problem if you have to meet a deadline or if you are pressed for time.

There are more advantages and disadvantages. I can only share what I know. For me the advantages outweigh the disadvantages.