I think you will be happy with either camera.
I like to look at picture detail, which ends up being a combination of lens quality and megapixels.
There is one picture that Steves Digicams uses in all of his tests that I check for comparison between cameras.
Here are two links (770 and 5060)
Look for the picture of a 2 and a half story red brick building. On the lower left side of the picture is a smaller red building and in front of that (next to a dumpster) is a blue street sign.
How well can you read that street sign?
Can you tell what the block number is?
Can you make out the number on the dumpster?
These two photos were taken at a zoom factor of about 1-1/2X (10.5 mm).
My eyes say the 5060 has a very slight edge.
What do your eyes say?
If you have a slow internet connection I'd better warn you the photos are 2 and 3 megapixels (respectively).
RAW and TIFF:
Both are uncompressed images and therefore better than jpg. However they are very large files. Large files will be slower.
Which is better: Man, that will start an argument.
I think I have narrowed down my choices.
Olympus C5060 or Olympus C770/765 Ultra Zoom.
Do I chose the one with more megapixel or more zoom? Is there a big difference between a 4 and 5 megapixels? The ultra zoom does not have raw format. Is there a significant difference between jpeg and raw in quality and the time it is recorded. I understood that tiff format take longer to be recorded. Or should I go with another camera? nikon or canon? Thanks...ken