Sadly they don't support RAW at this time. They do support PSD (single layer), TIFF, JPEG, and other web formats.
I was really drawn to the service due to their impressive video support. Being able to archive my family videos that are usually less than 10 minutes (I find my folks don't have the patience to watch the kids for more than 10 minutes on TV anyway) is awesome. Plus, I'm actually able to secure them from the YouTube public and their quality is excellent. They'll archive up to a 4Mbit (DVD quality) version and then display 1Mbit currently online.
http://support.phanfare.com/doc/Supported_file_types for information regarding file type support.
Their support is also pretty excellent with fast turn around times on email and they have an online forum.