IJFR (Instant JPEG From Raw Utility) by RawWorkflow.com will automatically extract the embedded JPEG file from a RAW image. I evaluated with Mac OS X version, which is a plug-in for the context menu in Finder — just right-click on a RAW file to extract the JPEG:

Here is how my RAW file appears without any adjustments what-so-ever:

Here is the JPEG extracted from this RAW file using the Instant JPEG From RAW utility:

This utility could be very helpful in a number of ways — you can save card space by not shooting “RAW + JPEG”, refer back to what your camera saw when working on your pictures in post, or quickly generate some proof images for the Web.
Link via “A New Contest, The Strobist, Gerry Ghionis, The Canon 5D Mark II, and RAW Directly to JPEG” by Digital Protalk.