Dont underestimate Lightroom 2. It is a very powerful program, and it has cataloging abilities that can create an entire workflow within one program from cataloging, to developing, to printing, etc. You just have to decide on a workflow no matter which program you go with. It is also quicker and easier to learn than many other programs so it is great for the beginner such as myself. As to your original question, I shoot raw only since i import everything into lightroom anyways. Then I only convert the pics that are keepers and selects to what ever format i need whenever I need it (jpg,tiff,dng,etc). The rest just stay in the catalogs for future use if ever needed. The most important thing that I have learned is to create a workflow that works for you and your particular situation. That will take research and practice along with trial and error, but if you just keep your Neffs somewhere in the meanwhile, you can always go back and decide later how you want to do it. Like I said, I am nowhere near a pro like many people on this forum but this is what I have learned so far.