RAW is just what it sounds - a raw file, no processing or compression. The digital equivalant of a negative I guess, i.e your PC is the darkroom and you need to process the RAW file in something like Photoshop... does that make sense? I'm confusing myself now! My S2 can't shoot RAW but I think some Prosumer cameras can, not something you'ld find on a compact though and quite a few DSLR owners I know don't use it either - space hungry format!
Nuremberg - looks fantastic, would love to see some more Thai boxing shots.
and ditto b23avfc - would love the opportunity to go there!!!!