I've been using iPhoto lately, and I've been using it a lot.
First to the RAW issue. Does Apple make use of RAW? Yes and no. When at first you load the RAW, the changes you make will use the RAW file as source and apply them, not wasting your precious data. However, it will save the changed file as a JPEG. Thus, next time you make a change, iPhoto will NOT use your RAW file, apply the changes you did before and the ones you have made now and save that as a file, but it will use your intermediate JPEG file, thus wasting more information than necessary. This is most apparent when you use external programs. Try dragging your fresh file to an application, and it will be served a RAW file. Make some changes in iPhoto, and it will be served a JPEG. Can this be solved? Yes, it's quite easy for Apple to save a trail of what modifications ...
I always fall for cellists. I love the sound of the cello. I love the shape of the cello. And look what the cello has to say on the subject. You'll notice that the last string is broken. The poor little thing, I felt like fixing it right away, but it wasn't mine and I'd probably make it worse