In some ways, there's not much difference between Photoshop and Lightroom. I could also add in Aperture, Capture One and Nik Software. And Photoshop Elements which does 80% of the things I need to do. All these programs let you play with the exposure, contrast and colour, and that's essentially what I am using. The challenge is in the degree of control that is offered over where you place the changes.
In Lightroom, I think I could adjust this file (after it had been stitched) in a similar way with its Adjustment Brush - because most of the adjustment areas are made with simple shapes. The main challenge with LR is creating the 'masks' that control where the changes are applied. LR only has a circular brush or an Auto Mask to choose from. While you can do it, it can take quite a lot of time for fiddly work and I'm quicker in Photoshop. Photoshop also has a few tools and adjustments that aren't the same in LR, but essentially both programs can do what is needed.
For changing big areas of sky or foreground, LR (and Capture One) works a treat, but for fine detail or where you have lots of angles (like buildings and individual trees), then PS with its channels, selections and masks is more powerful.
When I am doing a shoot, I travel with a Sony Vaio loaded with PS, LR and Capture One. Shooting with Phase One most of the time, I process my files on the road in Capture One and use its Adjustments Brush to make simple edits so I can get a feeling for where the file is heading. I also use LR in the same way (and yes, I use both programs from time to time as I write about both - and they are both great and also have some unique features, so I need to use both....)
I can also output these quickly processed files and upload to my blog etc. Down small, they look great and little errors are hidden. However, for my art pieces which can be enlarged to a metre or more, I then take the file into Photoshop when back home and do it more carefully - and I can take my time about it. I find thinking time is very important at the end of the image making process...