I have C1 on the G cameras set to Raw + Jpeg.
The jpeg setting I use is the dynamic B&W. With that there is a whole host of other things that I have set like Auto ISO to a pretty high level. Flash settings that are slow synch, 2nd curtain (I'd have to go through my whole list).
I use C1 when I want the LCD to be B&W. There are plenty of other times I simply decide that something captured in RAW could be better as B&W and then I need to make a conversion. Depending on the camera I have a couple of ways in LR that I work on it. Plus Jack has taught me some stuff in Photoshop.
I have LR set to import the RAW and jpeg as separate files so I get both the color version RAW and the B&W jpeg in the library. Then I decide if I want to do a different conversion of the RAW file.
In the case of the pictures I took at dinner in Oregon, the results right from the camera (with and without flash) looked really quite good straight from the camera and were never intended for print and I simply used the jpegs with no PP.
On the E-P1 when I shot B&W raw plus jpeg, I liked to do it with their filters I believe it was the red filter for the dark skies in landscapes.