I love Lightroom. It does almost exactly what I need it to. When my Canon's sensor was dirty, I was still able to fix all the little spots that were on my pictures. There are tons effects I can play with, and I have been totally pleased with it. There is just one thing I wish it could do, blur. I can mess with the clarity and sharpening, but I really just want a blur. For those of you that read my post about creating an Artificial Bokeh, you'll know that I was able to accomplish it.
Photoshop can accomplish a lot. There is so much I can do with any one picture. It's amazing. The problem is figuring out your way around and that it can take a while to get the effects you want.
I love both of these programs. Lightroom is my preference because of the time thing. I'm really excited to play around with Photoshop, but I would rather have Lightroom than Photoshop. Since the price tags for these programs are a little ridiculous, I would definitely recommend Lightroom if you have lots of pictures to edit or Photoshop if you want to super edit a few pictures at a time.
Those are my thoughts about Lightroom and Photoshop. If you have any questions about either of these programs, I'll do my best to answer them.