I just noticed a slight difference in saturation rendering between creating a TIFF for editing before or after hitting PS CS4.
I'm using LR 3.4 and PS CS4. Normally I do my basic edits in LR then use the default export to PS for final actions such as NIK, then save and return to LR for export.
I have noticed the lens corrections don't carry over and attributed it to the lack of support in ACR 6.0, but it's not critical to my work. Sometimes I would notice the LR noise reduction not pulling over correctly either, but only under certain circumstances like with fairly substantial exposure control adjustments done to the particular file. It was rare and Noise Ninja would take care of it well enough in PS when it popped up. Now, I notice color differences and wonder if this is also due to the difference in ACR version to LR version, or if there is something else wrong.
Below is #1, an export of the raw (these are just for example and crappy shots but you will see what I'm talking about for effect). Notice the saturated reds and yellows of the building lights.
Now #2 is a TIFF created through the default Edit in PS and saved with nothing done. Notice the desaturation of said lights.
And finally #3 is where I setup in External Editing, to launch PS so it created a TIFF with LR adjustments before going to PS, then saving with no changes. It kept the colors.