Lightroom (LR) is a workflow solution for photographers that includes a RAW editor (that also works on jpg and other file formats), keywording, tagging, organizing, printing and presentation tools. Nearly all of these functions are already available in Photoshop (with Bridge and Adobe Camera Raw). Therefore, if you already own Photoshop, and you don't routinely process several images at a time, LR might not be worthwhile. The professional wedding photographer who goes through 1,000 images after each wedding would net more efficiency from LR than would a family snapshooter who ocassionally post-processes an image here and there. LR is organized so that the tools photographers use most often are immediately available, making it easier to process, catalog, locate, print, and present images. For the most part, LR is designed for global edits, not selective editing. In version 1 you can spot clone for dust spots, blemishes, etc., but Photoshop is still a better tool for selective editing. In LR 2.0, Adobe has added a great intutive masking tool for selective dodging and burning. That new addition, along with several other improvements, will bring LR 2.0 that much closer to being a Photoshop replacement for many photographers.
If you really want LR,
wait for the post-announcement upgrade: if you purchase LR 1.0 after the official announcement of LR 2.0's release date, you're eligible for a free upgrade to LR 2.0. At that time, the price of LR 1.0 will drop, so it will be like buying LR 2.0 at a discount.
That's how I upgraded to Photoshop CS3. In order to qualify for the upgrade price for CS3, I would have needed PS 7.0 or higher, but I only had PS 5.5. So, I bought the CS2 upgrade on
Amazon for next to nothing and got the CS3 upgrade for free. I just called Adobe, and they gave me instructions for sending proof that I purchase the CS2 upgrade after the official announcement of CS3. Then, when CS3 came out, the price of CS2 dropped even more on Amazon, and I was eligible for a refund of the difference, because it had been less than 30 days since I purchased CS2.
BTW, I was an early adopter of Lighroom, snagging it at the special introductory price of $197 last year. I noticed that all retailers except for Amazon immediately upped the price of LR 1.0 when the special introductory period ended. For whatever reason, Amazon kept the $197 price tag for about a month later. Keep an eye on that site for price drops.