I wrote: The reputation that NEFs or RAW files are superior to JPEGs with regard to their ability to save otherwise ruined images is an undeserved reputation.
You responded: Most statements in favor of RAW aren't that dramatic.
I agree with your assessment of most statements. However, my anecdotal observations of comments at the Nikon Cafe are that the single most important reason people say they shoot RAW is because they say they can save poorly shot images that otherwise couldn't be used.
Not only was that not true in the case of my limited test case, the time I would spend trying to save a severely improperly exposed image would be better spent simply shooting a better photograph. The example at Luminescent Landscape that compares the underexposed shadow areas confirms that; though the RAW image is clearly better than the JPEG when compared side by side, I still don't think the RAW image is acceptable.