>>3301101CameraRaw is the same in both cases, and it's still missing layers and precise luminosity selection tools. The key is unobtrusive editing and persistent history. Raw file or jpg stays the same. Lightroom puts all the edits you do over it, and saves them. Only on export you get a new file. I find it really neat to have all the history on my files, to look at workflow later and be able to compare processes.
This has a drawback as well. It's library dependent, so I can't just open the file quickly and do few edits to it and be done with it. I'd need to go through whole bloody useless import/export interface, select the file, fix few stuff, export the file, delete original file sometime in the future, clutter my library... I go to photoshop instead.
