Maybe hyperbolic in your usage, I can understand. But it isn't a DAM...Maybe a JPEG/MostRAW/TIF/SomePSD of a DAM...but that leaves much in the imaging industry to cry about. (i.e web content creators).
A DAM is a Digital Asset Manager, and it is not limited to a file that is produced by a camera plus 1 other software; Photoshop. It also shouldn't be limited to "culling" files to a Developer that happens to have a database as LR does. There is no Browser to see your ASSETS..How is it a manager? It just isn't. LR is supposed to be great at unload images from a card and place in a DB. In fact it actually isn't so good at this task either.
For example: You have a 32GB card. In the day, you shot some street work, and had a few family pictures in the day, and some other specific subject you were working in for a project or FineArt. Large card, you shoot more the next day.
So now you have 3 or so catagories, as I often end up with. I have to open 3 catalogs to off load the files from 1 CF card?? Really? this is a pain.
Where is the logic? If it had a BROWSER, I could copy or move over to the appropriate folder I have made or already exist, the "Sync" the folder to update it with the content...then do the rating and keywording and some of the "Smart collection" filing etc. Mind you, I shoot like this nearly everyday, besides studio shoots.
If you have a business or a personal library of X amount of images(lets say lots of them), unless you "Import" them(Which means to sift through them to make logical DB titles and categories), AND also means to FORGET any other file in your folders other than the RAW/TIF/JPEG, and some PSD formats)...say bye bye to all else. Say you have logos, or PDF's or InDEsign, or PNG files? Not knowing the true content due to lack of a Browser leaves is working blind....Forget all the complex examples and stuff I said above.....know this...
It leaves you in the dark not seeing a place holder for ANY unsupported file types. This just doesn't reflect reality for many users who look for a MANAGER that shows whats on your drives.(Browser).
As a studio which includes photography and delivery of layouts to magazines a PDF is mandatory. As is CMYK.
As a fine art photographer printing straight to RGB and the like, I totally see that, and I understand many users and lanscapers here are in that realm...but there are a good amount of us that are large circulation publisjhing photo/studios. Which translates to Print ready PDFx1a files proofed and ready to print. Handling Ai illustrator files is standard, or working with InDesign for making the PDF is standard.
Funny enough, the formats are ALL within the Adobe family of formats
To rub a bit of alcohol on the cut....It's NOT 100% compatible with Photoshop...ironically the compatible (slower version) works, not the default CS version.
FYI, a Ford is a car, if your goal is getting from point A to point B, no matter how you (or your image) ends up looking, or feeling at the end of the trip, I can agree. But for the images sake, and how we feel at the end of the day working... I can't see this being a good analogy :-)