With modern technology within Adobe Camera Raw, you're limiting yourself considerably when shooting in JPEG. However, by shooting in Raw, you're removing the purpose of many of the features within the camera. Settings such as 'Picture Style' serve no real purpose when shooting in Raw, because all the adjustments added to photos, will be stripped when put on your computer. Regardless, I shoot in monochromatic, and it has helped my work considerably.
When someone grabs my camera and see that my screen is black and white, many people look at me puzzled, and ask why. The idea is simple, I want to see the details on the contrast, not the colors. Nearly all of my work is in color, and with a lot of color. I've built my portfolio with a bit of a commercial flare, and I make use a lot of bold color palettes to help build my brand. So for that reason alone, the last thing I want to see while looking through my photos is the distractions in the colors.
When shooting in monochromatic, I find myself looking more are my subjects expressions, the detail within the contrast, and the overall composition of the image. I do this, because it's the practices I most often neglect when culling through my images. Any color issues I have on the image, I can discover later and fix if need be, because I'm good with color.
Paired with the Rate Button on most modern cameras, I'm able to go through the images while they're in black and white, and rate my favorites based on contrast and composition, not on vibrant colors. Upon loading them on my computer, they're magically color again, so I can re-investigate how they look with the color properties added.
Setting this up on your camera is pretty painless. On Canon cameras, the setting is called Picture Style, on Nikon is called Picture Control. Each of these are usually programmed onto a button, or can be found in the menu system of the camera.
Give it a try and see if it works for you. Sometimes, doing a simple change in your shooting process can slow you down and help you take better photos.