Why use 35 mm film raw stock and camera? I would like your suggestions and reasoning as this would be useful in making decisions.

Why are film makers still using traditional 35 mm film raw stock and camera equipment to produce feature films when there are digital cameras like red cam available which can produce up to 4 k image quality and can significantly reduce production costs ?
This is a debate that could go on forever. Both have pros and cons. 
I think it is inevitable that Digital will overtake Film, and we can already see it happening in that article that ObscureRobot posted. 

However, people will continue to use film as long as it is available simply because of its look. You can tell when something is shot on film because of its grain and general aesthetic.
Film is cinema as we know it.

I'd argue that this is probably the biggest reason. There are many others but I don't know enough about them to get into it. 

I think if a filmmaker can afford to use film, they will. 
This is probably the best argument for film: http://motion.kodak.com/motion/Products/Customer_Testimonials/index.htm

^ Very informative.