I "think" the issue may be that LR4 has three options for Camera Profile...Adobe Standard, ACR4.4, and ACR4.3. The default in LR4 Develop is the Adobe Standard which is truest to my "as shot" Olympus .orf raw files. BUT, ACR is opening the .raw file with the ACR.4.4 as the default. (ACR 7.1 ONLY has the ACR4.3 as another option in the camera profile drop down menu) So, when I hit "edit in" from LR4 - ACR's engine is sending the raw file to PS6 using ACR4.4 - and it looks different of course than the "Adobe Standard" profile in LR4.
THAT SAID I could not figure out how to get this additional "Adobe Standard" option for ACR...is there an easier way?