Yes, technically that can be done but the bottom line is workflow, workflow and workflow. Having to open up Bridge to edit files in PS is just a speedbump in my workflow.
Question, are the .XMP files tagged with LR fully compatinle with ACR CS2 knowing that LR has certain adjustments (vibrance, fill light, ect.) that are lacking in ACR?
ghostgull wrote in post #2852084
Not sure if this will help but if you set lightroom to auto write to the xmp file and have ACR 3.7 installed with photoshop cs2 you can open your raw file in cs2 with almost all your lightroom adjustments intact.
just start cs2 and then open the raw file.

true you'll still have to save the file from photoshop and if you want it available in lightroom you'll have to import it, but for one off work it might be useful.