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What you'll have is less ability to lighten shadows or darken highlights. Sharpening isn't really affected.
A RAW file contains a lot more bit depth for every pixel - that is, a pixel in a JPG file has 8 bits, or 256 possible values. A 14 bit file contains more than 16,000 possible values. So, what's "black" or "white" to a JPG file (that is, has zero color information), might actually contain a ton of color information in a RAW file, allowing you to pull back those white, blown highlights, or get detail out of those dark shadows.
Similarly, because there's so much more information about every pixel, you can more accurately adjust white balance or other color issues with RAW files.
I always shoot RAW because I never know when I'm going to miss exposure on a file, or snag some random shot that I really like and want to process.