I use Lightroom for basic adjustments to the tone curve, sharpening, exposure, color, etc. I rarely use Photoshop anymore to do any of that. What I do use Photoshop for is more significant "photoshopping" like cloning, healing brush, adding text if needed, and layers work. Lightroom can do some of those things, like cloning and healing, but on a much more limited basis.
Lightroom is also great photo organizing and management software.
I use Lr for importing, sorting and keeping track of my images.
I use Lr for all image wide adjustments, minor adjustments with brushes, and things like red eye removal. Color balance and tone and cropping are all i do to 90% of my images.
I use Ps for pixel level edits, the VERY rare for me merge to HDR, and stitching together panos. None of these can be done in Lr.
EVERYTHING you can do in Lr can be done in Ps, the opposite is not true.
BUT Ps is optimized for doing those things very finely on one image at a time. Lr is optimized for high volume edits to batches of photos.
If you are the type of photographer who will go out for an afternoon of shooting and come back with a dozen very specific shots that match up to refined sensibilities PS is probably more your bag. If you go out regularly and shoot photos as 'events' where you want to capture the ebb and flow of things as they occur and give a lot of details in dozens of pictures, Lr is the way to go.
Thanks for the info. Being mostly a sheet film photographer, I think it is fairly obvious which app is more my style, not to say I will never shoot any events that might be suitable for batch processing. It's just that I was upgrading PS and Adobe had a deal on LR if you bought them together, so I figured I'd give it a shot. My real ambition (probably never to be realized) is to start shooting medium and large format B&W film again, scanning them and finishing digitally. There is a neat digital printer right next door to work. You guys should check them out.