After listening, reading and using the program some, here are my initial conclusions:
I think Lightroom will replace Bridge and Capture RAW for me.
Photoshop will still be required for working on selected parts of an image (local corrections) but for adjustments that affect the entire image (global corrections) I see the vast majority of that occurring in Lightroom.
What is not clear is if it will make iView MediaPro unnecessary for me.
After several months of working with Lightroom, I've found a place for it that might prove useful for you. In essence I use it as an input processor. When I come back from a shoot (fine-arts stuff, usually a hundred images or so) I convert the Canon raw files to DNG and then import those by reference into Lightroom. I run through the images and rate the better ones, take them into Develop (which I find an increasingly excellent and flexible processor) and then export
the images in Photoshop format. I do all my spotting, cropping, noise reduction, sharpening, and whatevers there and save the final version for printing with Imageprint. After a week or so of contemplation (to make sure I haven't missed something) I delete all the non-rated originals and put the DNGs and their finished Photoshop files in a shoot folder that I then catalog and keyword in iView. After a while I completely empty the Lightroom library and start over.
This is working really well. I don't think there is much wasted effort and it seems to be the best use of the strengths of all three programs.