I used to shoot all the sporting events I covered in RAW only.
But with the extreme file sizes and number of frames used shooting an event now, I am opt to shoot high jpegs only.
I will continue to choose which events I need to shoot RAW on, but generally speaking, I am going to be shooting jpegs.
The quality is there, even in the jpeg.
SI says to set H jpeg at 7. I would set it a bit higher at 8 or 9.
The SI shooter's I have seen posting over at sportsshooter.com say they don't delete images, they send in everything. Most can't afford the pockets full of CF cards shooting like that requires.
For normal folks on a budget, you have to balance quality, speed and available room. I don't like to chimp+delete in the field...I can miss action and it leaves room for me screwing up and deleting something I did not want to.