First the differences between a RAW file and TIFF, etc.
A RAW file consists of pixel values plus a metadata file stating how those pixels should be treated. (This is not the EXIF data.) A RAW editor typically has several tonal and color sliders such as highlight, shadow, etc., that can be adjusted to let us say bring in values outside of the reproduction range into that range. As long as you stay even with a saved image in RAW format, those original metadata values can be changed to bring back previous values since the tonal values of the pixels themselves have not been altered.
When you save RAW data to another format, the conversion sets the pixel values before writing the file and the metadata is gone. (EXIF data is saved with .jpg in at least your camera supplied editor.) If something has been clipped regarding tonal values there is no way to retrieve that data in a non-RAW format.
I have a Canon 50D which came with its RAW editor Digital Photo Pro. After I do initial tonal adjustments for exposure, color correction, etc., I convert to .tif for further processing. I have the option of converting to 16 bit or 8 bit .tif formats. (As I understand it the real RAW bit depth is 12 but is padded to 16 to comply with standards.)
In general a .tif file is not compressed but can be in a non-lossy format unlike .jpg. All of the details are there. I stay with the high detail .tif until final resizing and cropping is done to preserve the resolution including the .tif tonal value depth. Important photos are stored in .tif format. I only convert to .jpg generally for Internet display. .jpg has a a deteriorating effect regarding introducing noise artifacts in areas of constant color. This increases with each iteration as a .jpg is further edited and saved.
Another advantage of using your Canon RAW Editor is that you can see histograms to aid in highlight and shadow exposure adjustments without having to reduce the file to eight bit pixel depths as PSPX3 now requires. (See the pinned topic of feature requests.)
Within X3 I noticed on converting RAW to .tif there appeared to be compression of the shadow areas (darkest tonal values) more than just due to the 16 to 8 bit conversion.
The Canon Digital Photo Pro RAW editor does have a color management setting for matching your monitor profile. There is no proof mode for your output media as in X3.
So you use each for what it does best. Get your exposure corrected in your Camera RAW editor and save another version there so your original is protected. Then convert your edited RAW to another folder for editing in X3 where you can apply the usual retouching, color effects, and adjustments for proofing if needed.
As backup, with prices low on DVD, I backup as data files all of my original RAW shots and first edits in RAW format.
Regarding your version of Zoom Browser, I thought it only viewed the .jpg files stored along with your RAW files as a preview type function. It then refers editing to a full RAW editor program. A previous version of Zoom Browser that came with a simpler Canon SuperZoom (IS 5) I have only worked with .jpg because that's all that camera stored. I now store both formats with the 50D, about 20 MB for the RAW and 5 MB for the .jpg.
I acquired two books on X3. The first was in release and I was impatient so it was:
http://www.amazon.com/Picture-Yourself- ... 807&sr=1-1 which is an expansion of the manual delivered with X3. It is more I'd say oriented for the web or presentation target audience but does give you a hard copy. While principles of color management are discussed it is only briefly in theory only.
If you are more oriented to photography in the sense of film media but working in the digital domain, then this later released book might be of better interest:
http://www.amazon.com/PaintShop-Photo-P ... 139&sr=1-1 which is more from the photographer's viewpoint and goes into more on color management, exposure adjustment, best and worst tools for specific tasks, and so forth. The RAW format was better explained.
I came from strictly 35 mm film format and lab printing to scanning negatives or slides for the digital darkroom and now it is digital origination, processing, and outputting on my own prosumer inkjet printer or producing images for web viewing. The book opinions are my own from initial viewing of the first to more in depth reading of the second which was in release two weeks earlier than announced.
I only mention these in this post to give the sources of my comments on RAW vs. other formats.