GIF is another format used for web pictures. PNG can also be used. but PNG is a higher quality format. you should not convert GIF to PNG it will do nothing but keep you image at the low quality but with a higher memory. you always have to down-vert your images TIFF, OR TIF (not sure how it's spelled) is the highest quality, PNG would be in the middle, and GIF and JPEG are on the bottom.
Shooting in Raw format is the highest quality you can get. it saves all the data for every color and shade and you can edit the different shades and colors in photoshop cs4 and or lightroom 2.4. but you can not view the raw in websites. you have to down-vert the quality... i would save a copy of the raw format to TIFF after adjusting the image, then save that as PNG OR JPEG (highest quality JPEG). I like to save lots of formats so i can use them for many occasions and for backups as well.. RAW takes up a lot of memory but it is the best