I know with RAW I get to control more of how it comes out, whereas JPEG - the camera decides more of where things need to be.
I personally just started shooting RAW. I'm not sure what you mean by "
JPEG - the camera decides more of where things need to be". If your shooting in Manual mode you have full control of all the settings. If you shoot in Aperture or Shutter Priority, two of the exposure triangle is set by the camera one of them usually being the ISO. From my understanding shooting RAW allows you greater flexibility in post production than JPEG.
Most edits that can be done with a RAW file can also be done with a JPEG. There is one major difference, though. When editing a jpeg file, just about anything you do to it is what is called a 'destructive edit'. In other words, it destroys/degrades/or removes original data. For instance, you can adjust the white balance of a JPEG file, but since the data has already been encoded, the edit is destructive by nature.
In RAW editing, the White Balance has not been applied to the original data, yet. You can pick whatever you want and it will be applied to the original data. This is a non destructive edit.
Whether shooting JPEG or RAW, the camera records the same data that is coming from the sensor. In JPEG mode, it then takes your picture control settings, white balance settings, etc and converts that data to a picture file and compresses the data that is not needed for it's output. In RAW mode, it saves all the data and lets you decide how to process it at a later date. For instance, in JPEG mode, your sharpening settings, or your vivid settings, or whatever settings determine your final output. When shooting RAW, you always go back to the original data and pick all new settings.
There are two other benefits that can probably be lumped into one. Over the next few years, you will probably become more skilled at post processing, which will allow you to revisit some of your early images and get a lot more out of them or reprocess them according to whatever style you develop. On the other side of the same coin, software is becoming better and better about getting the most out of a RAW file. Photoshop CS5 can do things that most people never even dreamed about 10 years ago and with the next generation of computers and software coupled with the experience that you gain over the next few years, having the original RAW files could be a huge benefit.
Plus, storage is cheap...