I usually shoot in RAW, and do my initial proceesing of the RAW file in something like ACR. For a few extra tweaks I import the file in to PS as a 16bit Tiff to be worked on. Once I am happy with that image, the Tiff can be saved in the event that I feel the need to come back to it.
I treat the RAW as I would an unprocessed film negative, and the Tiff as a processed negative. From the Tiff I will resize and save JPEGs for uploading to the web or other uses where a smaller file is required, and where a JPEG is of adequate quality.
What I don't do is save a file as a JPEG if I feel it's possible I may need to come back to it to do any rework, as the more times you save a JPEG so the quality will slowly be degraded.