I think Sony is on to something with this product. If anything, it might bring more customer back to real cameras and good quality pictures. No matter how good a phone is the pictures are never nice in anything but broad daylight.
As for the RAW support, do other wifi camera support it ? The RX100m2 does not support raw via wifi either. And given the limited memory on a phone, the small screen size, jpeg should be perfect for the application.
It's been a while since Sony innovated with a novel product like this one. I like this new direction.