JPG is good when only minor corrections needed, or no time for post processing.
RAW is useful when you want to tweak a little farther. E.g. recovering highlights/shadows, blending two exposures etc.
Some people never waste memory space by keeping the RAW file. Some people go out, take 3 shots and come back home to spend hours in front of the computer. None of them are right or wrong, they just do what they like to do.
Is RAW really necessary?
Only if you need extra info and of course, if you want to spend time PP.
Or are we skinning a hair?
Maybe we are, as Microfunguy says, with 10-bit P&S sensors RAWs. But I see it as an excellent opportunity to learn for future more serious work. I am new to digital imaging too!
I would rather use my time in capturing images.
I agree. It reminds me when they ask me why I don't get a DSLR. I rather use my money to travel and capture images from wonderful places with my P&S instead of getting wonderful IQ pictures of my parking space.
Again, it all depends on what YOU want.