If you're using a lens that has a profile you can use the automated tool for an even quicker fix. Corrects for other issues as well.
The automated tool for removal of lateral chromatic aberration does not require a lens profile. The new tool for removal of longitudinal (axial) chromatic aberration requires manual intervention and, again, no profile is needed. In checking this, I found an excellent article
written by Eric Chan on chromatic aberration and its correction in LR/ACR. It is well worth reading.
The lens profiles are quite useful in correcting distortion and light fall off (vignetting). For example, the Zeiss 21 mm Distagon is an excellent lens, but does suffer from rather prominent falloff, even when stopped down somewhat. The Adobe supplied profile does an excellent job correcting this.