To me both programs are indispensable for different reasons. Lightroom excels at basic adjustments like color, contrast, cropping and lens corrections. Within your first 10 minutes after installation you will be able to accomplish much of what you need to do without reading an encyclopedia sized book. Photoshop handles everything you will ever need to do but is cumbersome and difficult to learn. To get the full benefits of Photoshop could take years of study and practice.
Lightroom started as image cataloging software and has progressively added image processing capabilities. Because of this it is great for organizing and cataloging your work while also handling basic processing.
Lightroom should be thought of more as a RAW image processor where your work begins before moving to Photoshop. It's biggest benefits are that it is a non-destructive process and that it does it's work very efficiently. I use Lightroom to get an image close to a final product before moving it to Photoshop for some finishing touches. Oftentimes no Photoshop work is required after making basic adjustments in Lightroom. Lightroom never makes changes to the original file. What it does is store adjustments in it's catalog and uses them before displaying or outputting an image. Because of the way it does this successive adjustments are cleaner and proper workflow is much less important.
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