- When not stopped down, most lenses are not that sharp, especially older ones.
- Most sensors employ an anti-aliasing (lowpass) filter that blurs the image.
- The smaller the photosites, the worse the signal-to-noise ratio.
- Bayer interpolation.
- Less then optimal post-processing, like aggressive denoising and sharpening with too large of a radius
- Compression artifacts and color sub-sampling.
- Analog outputs are usually bandwidth-limited (lowpass filtered) for EMI compliance reasons. Not an issue with an all-digital workflow of course.
Another advantage of RAW is non-destructive editing, at least in developers that support it and are more than import plugins for traditional editors. I rarely have to touch Photoshop these days.