I used to shoot RAW + JPEG but was finding that I wasn't even using the the JPEG's, they were just taking up space and I was still editing up the RAW's regardless of having the JPEG's. So now I shoot just RAW...
Not sure if it's the 'correct' way, but it works for me!

I admit that I'm utterly bewildered as to how to edit in RAW - I am running CS4 and can do anything at all with JPEG files, but at present I cannot find the familiar tools in Camera RAW that are available for processing JPEG. I shoot RAW + JPEG and archive the RAW against the day when I can.
For instance, the most common tool I use for editing JPEGs is the Shadows/Highlights tool for which Camera RAW has only a "Fill Light" tool for shadow detail but apparently no way to balance the Highlights. Until I can figure that, RAW file processing will remain a mystery.
For instance - if I'm on holiday I shoot RAW + JPG and almost always use the jpg only. I have the RAW files if there's a particularly good shot I want to process and keep, but mostly the JPG's are good enough.
When I take pictures of bands at gigs I don't do much post processing and I only need relatively small files when I'm done so I use JPG's and don't even bother with RAW files. For images I put on a website and ones which will never be enlarged above A4 I don't mind processing a copy of the original JPG as the result is always more than enough in terms of quality and file size.
When I take portraits I shoot in RAW as all files that make the grade get processed to some degree. I only bother shooting RAW + JPG for portraits when I want to show instantly on a laptop at the time of creation, but this is rare.
To sum up, shooting RAW + JPG is a good standard to adopt as you will always have the RAW files and an instant JPG which should be good enough for most uses if you are competant with your camera. Hope this helps but do remember that this is just my opinion...
Err...
Open it in ACR from Bridge...check the colour-temp...maybe the exposure if you're unsure you got it right in the 'basic' section.
Maybe add some vignetting...click on 'open' - edit as normal in Photoshop, 'save as', close.
it doesn't get much simpler...
By no means brilliant but at least I think I understand that it allows you to edit the RAW file in CS4
just as you would a JPEG, but it isn't converted to JPEG until you Save it, right?