How to write sderaster commands

NOTE: The use of ArcSDE command-line utilities was deprecated at ArcGIS 10.1 and removed after ArcGIS 10.2. ArcSDE server connections were removed after 10.2 as well, so Direct Connect is now the only supported connection protocol, and the syntax is different from the UI and Python tools. This answer should be considered obsolete, and is only present for historic purposes.

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There's also a usage listing after the message, that indicates the '-l' parameter is required.:

C:Temp> sderaster -o list

Error: No <table,column> specified.

ArcSDE   10.1
Raster   Utility
----------------------------------------------------------------
Usage: sderaster -o list -l <table,column> [options]

The command specific options are:
                [-verbose]
                [-storage]
                [-v <raster id> [-L <pyramid level>]] | -W <where>]
                [-V <version name>]

The common connection options are:
                [-i <service> | <port#>]
                [-s <server>]
                [-D <database>]
                [-u <username>]
                [-p <password>]

Incomplete...

All command-line utilities (except 'sdemon') have the option of using Direct Connect if you specify the "-i sde:options" per the documentation for your RDBMS. For SQL-Server you'd need to specify "-I sde:sqlserver:serverhost -D databasename -u login -p password" (or use the environment variable equivalents).

Note that "raster layers" are tables, and the rasters themselves are rows in those tables. Knowing the table name and row identifier are critical to using command-line utilities. You could have found an example of the use pattern for command-line tools like 'sderaster' in the se_toolkit documentation (but that FTP server has been decommissioned).