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Actually different cameras RAW files have different amounts of manipulation done to them. While in general a RAW file is "all the data", sometimes there is noise reduction and other math applied to the files.
The big difference between RAW and JPG is that RAW is uncompressed (usually - some manufacturers also have "compressed RAW" formats) and includes all the sensor data. JPG is a lossy compression and tosses data out. Many cameras also have various filters and tweaks that they apply to the data to give a finished JPG file.
In order to see the RAW file you need some software program. Cameras will come with one but often they are klunky and lack features. That's why so many people use iPhoto, Lightroom, etc. You can think of a RAW file much like the raw film in an analog camera. In the old days, you used to develop the film (during which you could tweak things a lot of ways), and get a negative with which you could use to make a print (and again tweak more things). If you shoot RAW, your RAW converter program is essentially "developing" the RAW file into something you can look at. And since it is digital, you can tweak away to your heart's delight, as you can always go back to the master or hit "undo."
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