[AZ4Runner]

I use a combination of Lightroom and CS2.

Lightroom Pros:
-Workflow is great.
-The controls are intuitive for me (maybe not for everyone) and it gives me a great range of things I can do fairly easy and quickly.
-Importing images, backing up images, sorting images, and preparing prints/web galleries has never been easier for me.
-Keyword tagging and meta data manipulation is spot on and easy.

Lightroom Minus:
-Doing modifications beyond color correction, straightening photos and a few other conversions (b/w, sepia, etc) is difficult in Lightroom. I generally do all of my major work (spot removal, sharpening, etc) in CS2, then bring the new photos back into Lightroom for publication.
-Few tutorials available to walk you through the process.
-SDK (Software developers kit) has not been released yet.
-Sharpening is pretty weak.

Photoshop CS2 Pro:
-If you want to do something with a picture, CS2 has a way (or multiple ways) to manipulate the image to reach your goal.
-There are a ton of tutorials on the net, in books, on video/DVD to help out if you ever get in a bind.
-There are professional organizations you can join for even more resources. --There is a software developers kit for CS2 and plenty of people making aftermarket plug-ins for Photoshop.

Photoshop Cons:
-It's a memory hog. When working in Photoshop, more RAM is better. There are a few things you can do to speed up the performance though.
-It's also pricy (think CS3 is selling for $650 or so new).
-The workflow is not as intuitive as it is in lightroom for digital photographers. You have to figure out what process you want to use, and apply it to the software. Lightroom presents you with a process that was formulated from Adobe's industry research and created for digital photographers.