How much can RAW improve the FZ150's IQ?

Haha, not so sure about that, it's really IQ vs speed+big LCD, and it's very subjective which set of qualities is more preferrable, as has been mentioned before. The fact is, those high ISO pictures of the FZ150 are really horrible And when you want to take low(ish) light pictures with no tripod, I know of no other way to obtain a blurless picture other than to increase the ISO as much as needed until you get a decently fast exposure (and even then use burst mode to increase the chances of at least one pic being blur-free).

HLarsen: I agree with you, but it's just at ISO100 that the Panny has this (small, mind you) advantage. At high ISOs, there's no comparison that C> P, at least to my eyes.

jr: I'll give Raw Therapee a try just for the fun of it, thanks for suggesting this.