Raw by definition means you are not mounting it. It may or may not also mean that the kernel won't buffer/cache/etc data to and from the hardware.
If you mounted /dev/sda or /dev/hda or whatever, then you would see the filesystem on it, like '/' or '/home' or whatever.
If you don't mount it, then you (or a program) can see the bytes that make up the filesystem directly, like the previous poster said.
There is a further (stricter) meaning of 'raw device', too. When you access /dev/sda etc, you're bypassing the kernel's filesystem layers, but you're not bypassing its buffered I/O layers.
Some software (such as I believe Oracle, optionally) thinks it knows better than the kernel how to buffer/optimise disk I/O and lay out data, so it bypasses both layers, and uses other 'raw' devices. These 'raw' devices used to be called /dev/raw[1-8] (see man MAKEDEV), but they're obsolete in kernel 188.8.131.52 according to its kconfig help.