RAW, TIFF or JPEG?

Having recently changed my camera I now have the option of taking pictures in RAW format, up until now I have mainly used JPEG files and occasionally TIFF as well and the results have been pretty good – to my eyes at least! – so what benefits do taking pictures in RAW format offer, all I know is that the images are presented straight off the sensor with no in camera processing added. :confused:

-Dazza