I use both programs. They both have the same capability(to capture tethered,to edit in Raw, and perform fine adjustments), C1 's color editor is a bit more complicated to figure out, but you can select individual colors to tweak. C1 supports editing on adjustment layers now, so you can burn, dodge, paint with contrast, enhance color etc.. You can use either as your tethering program(but not both at the same time) If you want to to shoot in LR tethered, you can simply use C1 as a browser so that the latest image will pop up(or vice versa). As to color conversion, both program have their advocates. In a recent meeting with the C1 rep, he claimed their color algorithms are so superior that adobe tried to purchase them, I think adobe does a decent job, too. If you are really picky I would create a tiff from each program and then send to a high quality inkjet and see if you can see the difference.
best ,
regfran