Who needs Photoshop & RAW when you've got an X Pro 1!

Also worth bearing in mind that if you edit your JPEGs in 16-bit you can push the colours very hard without running into banding, for those doing it in Photoshop.

Lightroom does a great job of handling JPEGs about as well as it does RAWs, though — unless you're taking completely messed-up photos you shouldn't have difficulty getting great results out of the JPEGs even if you do PP. Obviously this doesn't apply to cameras that put out splotchy, horrible JPEGs, but we're not discussing those.