I am afraid that I do not understand the purpose in using Adobe '98 if you are shooting JPG. Since JPG is only 8-bit, as opposed to raw 12 or 14-bit, are you getting the full benefit of the wider gamut of Adobe '98 in JPG? In fact I have read that using Adobe '98 in small bit (8) image capture can actually be a drawback, and if shooting in 8-bit you are better off with sRGB.
JPG vs. RAW is a matter of personal preference. I see a lot of "old school" photographers who used to shoot film simply stick w/ JPG. Instead of using software to convert their images, they're doing it in-camera. RAW files are digital negatives. They're just data files until converted into an image by software, either in-camera or on a PC (or Mac for the tree-hugging hippie types
).
Working pros just don't have time to fiddle with a lot of image tweaking. The reality is, they're better photographers in most cases and don't need to do a lot of post-processing work anyway. They're better at camera settings, and frankly, get it right the first time. For these guys, shooting JPG is a better option because it's a faster workflow.
Yes, RAW is 12-bit...but there's a catch. They're linear data files. JPG is 8-bit non-linear format. Without going into a bunch of technical jargon, it should suffice to say there is virtually no difference between the two. To say 12-bit vs. 8-bit is not an accurate comparison. They are not "shooting in 8-bit". They are shooting in 12-bit and the camera is converting it into an 8-bit format.
All that said...software that processes RAW files are
much more powerful than any digital camera firmware. The options available in ACR, Lightroom, Photoshop, etc. are almost endless. On an image-by-image basis, shooting RAW and doing post-processing work gives the photographer far more options. But for 'togs who actually do this to put food on the table, time is money. Shooting JPG is just fine.