Some random points.
1) The S400 does not have a RAW mode.
2) The number of pix per 128 MB is on the various review sites.
3) RAW files are not full 24-bit colour for reach pixel. Remember that consumer cameras count ALL pixels in the overall number. So each "pixel" is only 1/3rd of a combination pixel. eg. 1 red pixel plus 1 blue pixel plus 1 green pixel is 3 pixel on a camera. In contrast, on an LCD screen, that'd be only 1 pixel. Each camera pixel is often more than 8-bits, often 10-12 bits. Thus, each camera "pixel" is only about 10-12 bits and RAW files record that info exactly. So the original calculation would have been almost right - RAW files are MUCH smaller than 24-bit TIFF files and but actually hold truer information to the original data. But again, see #1.
4) I never use my RAW setting on my G2. Too much work to get a usable picture. Remember that RAW does not add any post-editing by the camera. So all the extra camera adjustments are lost. You have to jump through hoops to get a final picture as good as what the camera "interprets" for you. If you work hard enough, you can get a superior picture, but it's a lot of tweaking. I would only really consider doing this if I had something like a Canon D60 pro camera or something. I just use the lowest JPEG compression setting. Works well.