Hey Steven, don’t take my word for it though. When I tried with direct RAW, that’s just how I interpreted it. It might be different for others. Plus, what just struck me and I didn’t consider at the time, it could be that RC uses the JPG only for the display and calculates with the RAW. That seems to be a bit error-prone though.
I also would be careful in relying on the in-RAW JPG since you don’t have much influence over the settings.
EDIT: I just noticed at the time that when I import RAWs into RC, it looks eactly like the camera-JPG and not at all like the unprocessed RAW. I just realized that it might also be that the same rendering settings are used, since they might be stored in the EXIF. But then one would loose a great deal of the advantages of RAW processing…