I don't know why Adobe keeps pestering me, but they just sent me an offer to buy Lightspeed 3.x for only $99 (instead of $299) -- so, of course, I bit.
I shoot a lot of raw files, usually processing them through Adobe Camera Raw in Bridge and also tuning in PhotoShop CS5 when necessary. Lightspeed has a fine set of development tools -- basically the same as Camera Raw -- but also combines some very powerful cataloging and photo management tools -- meaning file management tools.
Too soon to make any definitive comments, but I installed it on the laptop that I usually use to offload the camera. My most recent agricultural shoot resulted in about 259 raw images -- a total of almost nine gigglebytes. I shoot raw because the development does not alter the original image file -- the "negative" in effect -- but merely appends processing instructions to the image. The permits going back and making changes as often as desired without ever altering the basic image file -- something that you cannot do in PS without constantly saving new files as you proceed.
First impression is that this program is a far better choice (dollar-for-dollar) than PS for most digital photogs who are shooting raw files.