When it comes to cataloging and post-processing there's nothing else out there that can come anywhere near the combination of Lightroom, Camera Raw, and Photoshop.
As more than one poster has pointed out, since Camera Raw lives inside Lightroom as well as inside Photoshop, it's quite possible to do all of your cataloging and post-processing with Lightroom alone. But for a total of ten bucks a month you can buy all the blessings of Lightroom add things like HDR, stitching, content-aware filling and patching, plus an array of additional image control capabilities too long to list here.
Yesterday I gave a 1 1/2 hour lecture on the combination of Photoshop CC and Lightroom, and demonstrated a number of these features. One repeated comment was that "Well... maybe Adobe will raise the price." Yes, maybe they will." But if they raise it too much they're going to end up dealing only with a dwindling market of pros, and I doubt they want that kind of reduction in revenue. There's a world of competition out there in post-processing software, and an awful lot of it is very, very good.
Remember what things were like when you had to work in a dimly-lighted, smelly darkroom and wait a couple hours for your prints to wash and dry. . . and REJOICE!