I think that the ultimate goal is for LR to be an all-in-one application, but at the moment there are some things it does well and others are lacking. You either love or hate the Library front end - it depends on whether you really want to use LR for asset management.
Some aspects of the Develop module are very good - colour and tonal control - but others such as noise reduction and sharpening are generally poor compared with the competition. There's no lens or perspective distortion correction in v1.0 - those may be added in v2.0, at a price.
Slightly OT... I'm keeping an open mind until the release of Bibble 5.0. There are a couple of flaws in the current version which put me off it, but overall it could suit me better than LR and the support is extremely good through the Bibble forums. Another advantage of Bibble is that it will also run under Mac and Linux. I'm very anti Vista and this message is being typed on a Linux machine with Bibble and the GIMP installed.
Despite being my old PC with 'only' a 2.4GHz processor, everything runs faster under Linux than on my new dual-core machine under Win XP.