Well
This is a fairly big subject, and might generate a bit of heat from adherents of both pieces of software. The largest and most apparent difference is that Phocus does not work directly on 3FR files at all, but first of all converts them to another Hasselblad raw format, FFF. Which Lightroom does not, and Lightroom cannot read FFF files at all. When the 3FR files are imported into Phocus as FFF, Phocus does some stuff to them. As far as I can see (and the process is not documented clearly), Phocus does some noise reduction, a lot of colour balance correction, and even some CA removal before you make any edits whatsoever. Obviously Lightroom does none of this. This Phocus pre-production, if you like, is actually pretty good and it produces very nice, smooth-looking TIFFs. The other trick Phocus can do which Lightroom cannot, is of course lens correction. Phocus can apply lens corrections for all the Hasselblad H-series lenses and a lot of the old Zeiss glass too.
However, and it is a big however, Lightroom as a parametric editing tool is streets ahead of Phocus. It has gradients, burn and dodge, spot removal, far more sophisticated B/W conversion, printing templates, and is just a much better user interface in most respects. The bottom line is that in many cases you can do all your image editing in Lightroom, from capture to print. Using Phocus, you will always need a pixel editor to complete the job. Still, Phocus is free for download, so you may as well have a copy on your hard drive.
John