I use Lightroom Tony and I agree with many of the things Roman has said. I have CS2 but found bridge to be somewhat annoying to use for organizing photos. I find Lightroom good for imports and applying metadata to my Raw files as they are imported. I like the organizing features of Lightroom especially the loop view which is good for fast initial screening to rate the files without any extra clicks like in Bridge(though I may just not be adept enough at it).I like the initial exposure compensation in Lightroom but all the curves, tone, hue,resizing and sharpening is better done in CS2.Also I don't use the Print,Slideshow, or Web features that much so I can't comment.After all the work I did with CS2 to get all my screen colors to match my printer profiles I don't want to change that process.
I think Adobe was trying to make Lightroom a substitute for PS for some folks but still attract PS users.
In my opinion Lightroom's a good organizer, with good search functions and better for me than Bridge in that respect but does not in any way replace PS.I'm sure there are better organizers out there.