Terry,
You have more faith than I do in Adobe at this point. The interface on CS4 looks like it will be a bit of a headache for photographers that use the app a lot, and have a lot other tools within it. For graphic design folks, it is less cluttered and stuff, but what was Illustrator and InDesign, the other Adobe apps really for? PS has slowly become the super-app, and in the process, has lost some of its identity, I think. LR may, or may not fix the problems for the photographer by carving things out that are more image process related. Until LR allows layers, handles various gradients, and other stuff that is now done in PS, it will only be a first-step development app, and not a complete workflow tool. Now, if your work does not require the added efforts, it could be a great stand-alone.....after it gets all the things you are mentioning. The local adjustments stuff is nice....I use the Nik tools in both PS and Aperture now and think it is helpful. If LR can manage those, then it might be more complete, but right now it does not, and the new version has not suggested that to change.
Sorry, I did not want this to get so far off-topic, or sound like a LR bash. We were talking about Adobe, CS4 and what the may or may not mean to the photographer. LR is part of that "solution set" that Adobe has cobbled together, so it gets dragged in. It just seems like Adobe has found a way to charge folks a lot more and still not give them what they need in a single app.....LR lacks the finishing tools, and PS lacks the speed and organizational ability, plus non-destructive editing that LR has. No perfect app yet. The bigger downside or sorts is that all of the OEMs are tweaking their apps to do the things LR is sort of doing now, and then pass files to PS for completion. If the image development/conversion tools in LR and ACR do not improve, that activity is sure to continue and even grow. C1 folks and other go to PS to finish things, not LR, so PS is still a needed tool....but now looking less photographer oriented in this new interface. Just my thoughts on this.
LJ