You are losing HUGE amount of data "2 to the 12th power is 68 billion colours, and 14 bit is 4.3 trillion colours".
as for real world detail, there is only a big difference in the shadow detail.
AS FOR JPEG VS RAW.
My kids teacher had some wedding shots done which were very nice. I offered to print one for her as prints weren't included in the package she got.
The photographer used a d300 and a 85 1.4. they shot the photo i want to print at f2.2 ISO400. so this shot should look good.
when viewing at 100% (approx print size) I can see horrible grain, aliasing and noise. I asked for the RAW file to maximise for print, but it has been deleted.
I am a bit gutted as I could end up with a MUCH better print if I had the original RAW file, but with the jpeg I am limited. The photographer says that the file is the maximum quality, but I think they ran it through post to add pop, and in doing so added noise.
IMO, the photographer should offer RAWS for print, and stipulate this in the contract.
The teacher is still happy to have the pic printed, and I am having it framed very nicely, so it should look good from a couple of feet away, but up close, not as good as it could.