selections and masks are great, but you have to guess the color Mort. right? TA seems to find it for you and pull the sliders you need
TA finds a range of color for you, which makes things simple, but you have no control over the broadness of that range (or at least not as much control as I'd like). Also, it'll generally try to change all pixels of that color range everywhere in the image, including areas you might not want to modify. This is a fundamental weakness with the approach, I think. With selections, you can define a selection based on a color range (and that doesn't involve guesswork), and then unselect portions your don't want effected (which solves the key problem with TAs), or you can paint the change only to the areas you want to change, or you can use some other criteria for making the selection.
TAs are a convenient short cut, but they don't come close to the power available in PS using selections. Even Adobe doesn't suggest LR as a stand alone tool. They recognize that LR handles basic edits, but when the going gets tough, you really need to dive into PS. That said, however, I definitely like LR. I just don't think of it as a stand alone tool.