RAW can handle more manipulation (before it goes to Photoshop)
I find for "important" things that I'll spend a lot of time on, then print, it's worth it. It's almost never worth the bother for things that just end up on line.
As for handling wider contrast: sometimes, but not so much as many think. What it really does if give you more in the middle to play with, so edits don't "stretch" the brightness scale to the point that your edits show.