Canon's page about sRAW doesn't really describe what it is. In reality, sRAW is actually a high quality 15-bit JPEG. In other words, the only difference between JPEG and sRAW is that the sRAW is 15-bit linear and JPEG is 8-bit log. The compression is the same as JPEG at the highest quality setting (where it only throws away half of the color information).
This is very different from true RAW, because it's already demosaic'ed -- all your raw converter can do is display the file (like a JPEG) -- it can't apply it's own demosaic engine. Personally, one thing I dislike about Canon's demosaic is that it causes mazing artifacts when noise is high, so I use other raw converters. But if I were to use sRAW, the artifacts would appear even with other raw converters.
That's not to say you shouldn't use sRAW. Most of the time, going from 15-bit JPEG ("sRAW") to 8-bit JPEG is worse than losing the resolution.