A lot of Raw files are indeed compressed. There are over 100 Raw file types. Tons of data is lost between the image sensor and the Raw data file that gets recorded on the memory card, mostly in the pixel voltage analog-to-digital conversion.
Nikon entry-level, compact DSLR Raw files are 12-bit, lossless
compressed files. (D40, D40x, D60, D3000, D3100, D3200, D5000, D5100, D5200)
The D7000/D7100/D600 offers:
• lossless
compressed
• lossy
compressed
• 12-bit depth
• 14-bit depth (Page 87 - D7000 user's manual - NEF (Raw) Recording > Type. D7100 - page 67. D600 - page 94)
But, the D7000, D7100, D600 has no uncompressed option, which is just 1 part of what makes them entry-level grade DSLRs.
Prosumer and pro grade Nikon DSLR's add the option of
uncompressed Raw files.
A Raw file after conversion isn't anything like what the image sensor saw. That's why the files have to be processed in a Raw converter before they can be seen as a photograph.
Different Raw converters render Raw files with a slightly different look because they all use slightly different algorithms to process the Raw image data files.
That's why all Adobe software that can edit Raw files (Elements, Lightroom, Photoshop) uses the same Raw converter - ACR - so they are all consistent with each other.
Image sensors are linear devices and have a gamma of 1.0. The analog image sensors in digital cameras also cannot record color.
The gamma of the Raw file image data has to be changed to a non-linear gamma of between 1.8 and 2.2 or so, which is what human eyes see.
Color is interpolated (demosaicing) in most DSLR's from the layout of a Bayer Array that is in front on the image sensor.
Demosaicing - Wikipedia, the free encyclopedia
Tone mapping is done. Some Raw converters also do some sharpening and noise reduction.
This isn't dated so....
Understanding RAW Files Explained.