Adobe has just added a new member to the Photoshop family called the Adobe Photoshop LightRoom 1.0 - but don't get confused with the word "Photoshop" here.
Photoshop LightRoom is no substitute for the ubiquitous Photoshop - Photoshop LightRoom is more for managing large volumes of digital photographs, and Photoshop is for editing the individual images. However, Photoshop LightRoom maybe considered a perfect replacement for Adobe Bridge.
Photoshop LightRoom is not about fixing that red eye from a photograph or quickly changing the color saturation, its more about how to deal efficiently with the thousands of photographs on your hard disk.
LightRoom follows round-trip editing - choose the image in LightRoom, open that in Photoshop via LightRoom, save the edits and your changes are instantly visible inside LightRoom.
Like Adobe Photoshop, LightRoom too has the potential to become the defacto standard on Windows platform for serious photographers but there is hot competition with Apple Aperture 1.5 on the Mac OS X. Both products cost $299 though Adobe is offering Photoshop LightRoom 1.0 for $199 for a limited period.
Photoshop LightRoom is more for pro photographers who shoot images in RAW formats, the average home user may continue using Picasa or Adobe Photoshop Elements.
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Related: Adobe Photoshop LightRoom vs Apple Aperture