Well as you may guess by it's name Lightroom is digital equivalent of film darkroom. Firstly is great for cataloging of your files, RAW processing, general post production where Photoshop would come as image editor application. And they collaborate as charm. Basically for RAW processing you have Camera RAW plugin in better and visually more appealing interface but again some features in Lightroom have better functionality with new algorithms for sharpening, noise, etc...
Here you can see some pros and cons both for Photoshop and Lightroom. This is excerpt from O'Reily Digital media - Photoshop vs. Lightroom article by Michael Clark.
Lightroom Pros:
• Super Fast Image Editing
• Spectacular User Interface
• Logical workflow progression
• Ability to Print and create Web Galleries directly from RAW image files
• Quick Metadata and Keyword Insertion
• Much faster editing and processing of a large number of images
Lightroom Cons:
• Have to Import images to work on them
• Slows down with over 10,000 images in the catalog
• For processing just one or two images this is a slower workflow
Photoshop Pros:
• ACR has the same RAW processing controls as Lightroom
• ACR Histogram is specialized to the chosen color space (Lightroom is locked into ProPhoto RGB color space with an sRGB tone curve)
• Don’t have to Import images to open in Bridge or ACR
• Ability to customize processing of RAW images with Photoshop Actions
Photoshop Cons:
• Slower, less precise editing features in Bridge
• Processing lots of images requires actions and can be slower than exporting images from Lightroom
• Much slower with editing and processing a large number of images
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