Another plus for JPEG is that it is ready to upload to online services or send to someone's cell phone. Usually when I shoot with a two-card camera I store RAW on one card and JPEG on the other to facilitate transfer on the fly.

As a guy who rarely prints bigger than 5x7 inches I have only infrequently seen effects of repeated editing of JPEGs, but it does occasionally get noticeable.

For favorite shots I usually save the RAW and a JPEG, but it would make sense to convert the RAW to PNG for compatibility in the future.