I'm cheap when it comes to software... don't have PS but use Gimp instead. But last year about 6 months before LR4 came out, there was a fire sale on LR3. I ordered and I love it. I'll definitely upgrade to LR4 soon.
First, it's a great tool to organize your catalog of photos. Quick and easy to adjust exposure, white balance, etc. on raws. It does a good job of noise reduction too and some say the noise reduction feature alone is as good as Nik or some of the other utilities that cost the same as LR.
I rarely use Gimp anymore unless I need to clone something out. LR3 doesn't do a very good job of that.
Check out some of the tutorials on the Adobe site... good stuff IMO.
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