Sony sells such a device, but it can not handle CF cards unless you buy a CF to SD card reader converter device.

http://www.sonystyle.com/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10551&storeId=10151&langId=-1&partNumber=VRDMC6

All digital devices are bit for bit.

RAW images require a software program that will let you make adjustments to the image and then you can save it as a.jpg image (or another format). The RAW software usually comes with the camera.
Photoshop programs can do RAW conversion too.
Most cameras that can do RAW will let you take images in RAW, JPG, or both.

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