And, of course, your students will need to learn to manage RAW, since most pros are shooting in it in my experience.
This isn't my experience. A friend of mine shoots for Fashion Wire (here's one of his - http://story.news.yahoo.com/news?tmpl=story&u=/040911/1889/fwd115b20040911jpg&e=41&ncid=), he's been working events with anywhere from 20 to 50 other photographers (he says half the job is elbowing and kicking to get the best position) and he and all the other photographers are shooting jpg. I've heard this about some sports photographers too. If properly set up, the highest jpg setting can give as good a photo as RAW for the applications they're doing. There's no time to process, not even enough time to download.
For the band shots I do, I've switched to jpg - I don't have time to process 100 shots for them.
In the studio, where's there may be more time, that's different.
Jeff Spirer
Photos: http://www.spirer.com
One People: http://www.onepeople.com/
Surfaces and Marks: http://www.withoutgrass.com