Eric, this kind of question gets asked and hashed out on a weekly basis here!
In a nutshell Lightroom was developed by photographers for providing an integrated interface for the photographers' workflow, built around the Raw processor that it shares with Adobe Camera Raw.
Lightroom is about the workflow, integrating good tools for Digital Asset Management (DAM), organizational tools that are key to understanting and using LR, and great output tools, all built in to the integrated interface. It's a totally different workflow from the Bridge/ACR/Photoshop workflow where the different tools/capabilities are basically "add-ons" rather than being so "integrated".
But, obiously, if you need the capabilities of the Photoshop image editor, then even if you have and use Lightroom you will want Photoshop or say Photoshop Elements or another image editor close at hand.
But, Lightroom doesn't by any means appeal to everyone! If you have a good Raw processor, and you are happy with your current workflow, don't worry, be happy! Hey, I remember that song!
And, take your time! Do some reading about things like DAM and the "Raw workflow". Spend time here, reading relevant posts as they come up and reading the "stickies" -- the Lightroom Sticky thread, for example, has a ton of useful info and it keeps being supplemented.