TJ,
It’s my experience that LR will place RAW, PSD in the same folder and even in the same stack.
Example I make adjustments to a DNG/RAW file in Lightroom then right choose edit in CS-2 which creates a PSD copy of the file in LR. After I’ve finished editing, mostly healing and cleaning I choose save then close and the PSD is updated in LR. If latter on I go back to RAW and want to make a few changes when I choose edit in CS-2 it creates another PSD file these files have –Edit-1, 2 at the end of the file name. If say I want to make some adjustments to PSD in LR ie converting it to B&W I usually create a virtual copy and make the adjustments to it. All of these copies are added to the stack with the original RAW file
Since my main use for JPEG is to send images out for printing and or posting to the web I usually just trash them once I’ve received the prints or uploaded them.
Mike


