Strange. But here is my thought. I have shot this thing with RAW+L and I can live with the file sizes for most things I shoot. I have 4.5G of CF, so with a little deletion on the fly I can still blast away like a chain gun. The camera keeps up writing short burst of 20-30 images per burst. So it is quick enough for me.
If the camera creates the jpeg with the settings I set and creates a RAW file too, I get the best of both worlds. For general usage I have a high res jpeg, for great images or images that are good but need some adjusting, I can go to the RAW and convert it with care.
The lightning pictures I posted ( https://photography-on-the.net/forum/showthread.php?t=32234 ) in the SHARE group were the first test of this shooting procedure. It was the first "grab, run, & shoot" I have done since I got it. I happened to look outside and see what was unfolding. My camera was on the AC cord, tethered to my laptop with iEEE1394. I was quite proud I could grab it, load the battery, change the settings, format a new card and still get outside to shoot before dark set in.
But, my point is, the shot with the biggest bolt of lightening, was overexposed and blown out on the JPEG, but I had the option of going to the RAW file for a better conversion and to pull out more detail. If I had shot JPEG only, the shot would have been gone forever.
One of the things I like the best about the Mark II is the available options for shooting. It requires a lot more thought and testing than my previous body.
Right now, I am in Adobe RGB, with Sharpness at +3 and contrast at +1.
More testing to come, but this seems to be pretty good for now.
I did set the personal function for noise reduction. I can't tell a difference, or I don't understand what it is doing.