Hi-ho,
Sock sites generally require sRGB8 bit JPEG's, although I imagine that will change over time. (Some Macro sites take 8 bit TIFF, sRGB)
For my own stuff I shoot sRGB jpeg... All the times I've shot raw "just in case" it's only saved the day for me once, so I've given up on it. :-). I find my 20D and 10D give good enough jpeg's for 99.9% of my use, although the 1D jpeg's sometimes suck. (1D mk1, 4Mp, not the new one)
I don't need better than 8bit workflow, as my output is either the paper which is worse than 8bit sRGB, or a Fuji Frontier at the lab I use which is also 8 bit. I don't worry about the editing gamut side so much, as If I have to do more than levels and sharpen to an image to sell it I generally wont bother, I'm a bit old school and like to get it right in the camera. I stretch to doing cloning of zits, and removing wrinkles etc in portraits though :-)...
Black and white is a different matter though, I'll muck around for ages editing B&W images to get the tone range I want in 16 bit, then convert back to 8bit for sending to the lab.
Different strokes for different folks. :-).
Cheers, Me.