i dont have the camera so assert for yourself
when it shoots RAW, you get the RAW file and a small thumbnail jpeg to aid processing
i read this here
We tested a final production Lumix L1 running the latest v1.1 firmware, quoted as resolving widely publicised issues including shooting while RAW data is being recorded to the card. Following our convention of using default factory and best quality JPEG settings to test camera bodies unless otherwise stated, the L1 was set Large SuperFine quality, ......
hence, RAW and jpeg formats are available