Add to that the fact that the camera also has a certain loss, and without doubt will make the image at least a little lossy (and not representing the actual color of the object). RAW or PNG in photography only makes sense for very high quality cameras for high-quality needs, OR if you have a reaaaaally huge memory and relative low resolution on the camera (I mean, in that case you can still fit loads of pictures).
Though, if you use JPEG, as soon as you get the JPEG out of the camera, you should work with it in a lossless file format (preferably in a free format, and the standard format for your graphics-editor), and keep backups of it in lossless. Then when you're ready to release it you can use a single lossy compression for a web-version (the picture embedded in web-pages to help 56k-ers), and/or perhaps an alternative lossless version for download managers.