Thanks for the input everyone. I've been reading that shooting RAW is the only way to get acceptable B&W conversions. Any comments on this?
If the goal is B&W final images, it's best to light, compose, and shoot FOR BLACK AND WHITE. To me, that means shooting in RAW + JPEG, Large, Fine-Quality JPEG compression mode. If the camera offers it, I like to use a Yellow filter effect, and Sepia Toning effect, with the camera set to Monochrome. (I am specifically referring to the Canon 5D camera, and Canon's "Filter Effects" and image tone options.). This produces B&W images that can be reviewed on the camera's LCD and the lighting or composition adjusted FOR maximum BLACK AND WHITE impact. The in-camera settings I adjust, with sharpness adjusted upward a bit, and the tone curve option set as appropriate. Setting the camera up to capture in RAW + JPEG, Monochrome, with sharpening sewt, and contrast set as-needed for the subject matter at hand, creates an in-camera JPEG file that looks a lot like the final image: it has sharpening boosted a bit, it has the sepia toning I like, a yellow filter effect to help with light-toned objects like clouds, and it allows me to evaluate lighting and the overall "look" of the images based on a B&W LCD screen image...not a color image, which is ENTIRELY different under some circumstances.
This approach is fundamentally different than shooting in all-color, and reviewing in all-color, and mentally winging it. Again....if I really want B&W, I will NOT light it or shoot it as if it were to be seen as full-color. Many people utterly fail to appreciate the reasoning behind this. And, few of them have actually tried this method, let alone gotten good at it.
The upside? THe RAW files are truly RAW, and have full RGB color and full bit depth....but I have ready-to-go SOOC B&W JPEGS, and a decent representation of the scene in B&W, from the get-go. TO me, the difference in B&W and color is the way you LIGHT B&W is VERY different than color....B&W needs MORE shadowing to reveal textures and shapes, which can be conveyed easily by color even under flat or overcast light. B&W benefits from a somewhat more-specular umbrella, so I will shoot with SMALLER umbrellas, or more sparkle-producing umbrellas for B&W, like silver metallized Speedotron Super Silver or other brand of silvered, metallized umbrellas if I want B&W final images.
Motion picture directors/cinematographers/lighting directors/director's of photography, for example, light B&W films very,very differently than they light color. Think of the film noir films of the 1940's and 1950's, and the extreme lighting ratios many of those pictures were built around....then think what that would have looked like in technicolor. Uh....nooooo!!!!!!!