I can hear people shouting: there's that imbecile again!!!
THAT RGB RASTER IMAGE IS THE MOST IMPORTANT FILE, IN MEMORY.
In first place created by a raw-converter based on the raw-file and the chosen settings. It can be saved to disk and opened again. All editing is done on that file. As long there's no need for a fall back on the raw data,
there's no difference between raw, jpg,tiff etc.
Brian, even lens corrections are done on this file. But there're several conditions for that. First of all lens correction must be available, second the used lens must be know, being in the exif of the jpg and third the lens must be in the database of the program.
George