Thanks deja. I'm still unclear on the Adobe taxonomy: is the raw processor, ACR, including as part of PSE and as part of LR and as part of CS4/PS?
LR and ACR share the code - but while ACR is a "separate" component included in Photoshop and can be replaced (updated) w/o replacing/updating Photoshop (note that Adobe will block using new versions of ACR w/ old versions of PS), the LR has that thing (raw conversion code) integrated tightly inside as an integral part of the program so that you are updating LR itself to gain for example new cameras support... LR is ACR + castrated PS (or PSE) + DAM fused into all-in-one solution intended to grab the market by locking people into its workflow, etc.
Does that mean that I can get the full use of "L-L Guide to Raw Processing in Photoshop CS3&4" without a copy of CS3 or CS4 (iow, that the raw processing covered happens in ACR which comes with LR)?
ACR is written to function only in tandem with either PS or PSE or Bridge... but when people are saying "Raw Processing in Photoshop" they actually are talking about a 2 stage process = 1) raw conversion using ACR (and this can be actually replaced by another raw converter)
and 2) further postprocessing in PS... some things can be done only in ACR, some only in PS and some can be done in both (the question then stands where to do it better) - that depends on your workflow, technique, etc