Lewis Kemper has written a quite interesting article about the benefits of processing your RAW file two or even more different ways and then combine them together using an image editing software such as photoshop to get the best result.
“When shooting with a digital camera in the RAW format, you have the capability of processing your image specifically for different exposure values, highlights, midtones and shadows. You can use this flexibility of the RAW format to your advantage when photographing scenes with a high dynamic range of light. “
See also: Photoshop Tutorials