A high quality jpeg and a RAW jpeg (the jpeg saved at the same time as the RAW file in the camera) will look the same. The diffence in controls comes only with the actual RAW file - the jpeg still has the in-camera processing performed on it.

As for the Tiff - the advantage is that every time you open and save a jpeg it loses parts of hte data becuase of the compression used = Tiff does not use such a compression program (and thus these files are bigger and often too big for web use - they would take far too long to load up). Thus a Tiff will stay the same whilst a jpeg will degrade over time.
Thus saving in Tiff is good when you have a shot just so and don't want to lose it