Well, you'll see a variety of workflow preferences in a big group like this because each person finds what works best for them, at least for the time. So, take everything everyone says with that in mind, and realize it's up to you to try things out and find out what works best for you, but keep learning and be open to change to something better
!
For me, a couple key points I'd make.
First, when I began shooting Raw, I was determined to get the best out of that format by getting the most out of my Raw processing. Up until three or so years ago, the choices were limited, so my workflow was pretty much ACR for the Basic stuff then straight into Photoshop for all my more refined stuff.
But that all began to change with CS3 and Lightroom 1 (which I fully adopted during the second minor release -- the Beta and first release were not working well for me), when the Raw tools became more refined, and I found I could do more and more in Lightroom before wanting/needing Photoshop, and in fact found that for most output purposes such as Web posting and small prints and a lot of large prints I actually didn't need Photoshop at all. Photoshop became a specialty toolbox, no longer the center of my workflow. Lightroom 2/3 has made more significant improvements in this regard by the development of the local adjustment brushes and gradients.
The point of all this is that I'd encourage you to fully utilitize the Raw format by doing all you can with your Raw processor. Take the time to read some books and watch some tutorials on how to fully massage those Raw files in Lightroom, since you have it and use it, and maybe as you pick up the skills to get the best out of the process, you may find yourself needing PS less than what you thought.
My second point is about what to do when you do need Photoshop. You are converting to a jpeg first, then going into Photoshop, then saving a jpeg (presumably using Save As to create a copy rather than overwriting the original), leaving you now with three copies of the same image. And, at the point where you convert to a jpeg you are also throwing away data that Photoshop could need to make high-quality adjustments because a jpeg conversion does a compression from the Raw 14 bits to an 8 bit per channel format, losing image data, then compresses the resulting file by discarding "matching" pixel info but those matches may be not as close as you'd like, depending on the level of compression, and it gets worse when you do multiple saves.
If you are concerned about image quality, I'd suggest not creating a jpeg until the final output -- either a Web-size jpeg, something to share with others, or a large-size jpeg for an external print. for an intermediate "project" file for use in Photoshop, a 16 bit tiff or a PSD is the way to go because it retains the image quality inherited from the Raw file and also because you can save it with Photoshop layers intact so you can always revisit your work, including the original "background" layer which has your unaltered image.
The problem with tiffs is that they are huge, and they as well as jpegs add to the clutter of different copies of one image for different reasons, and that's a big reason for my first point -- do as much as you can with your Raw processor and you may be able to save yourself from that clutter.
There is also an efficient way to go into Photoshop from Lightroom for quick fixes for an output but without the need to save a tiff, and that's to go the Edit in Photoshop using the Smart Object option -- this was sadly missing in LR 1.x, but can be very valuable when you don't want/need a tiff "project file" but want to do a bit of needed work for an output -- you could open in Photoshop, do the work, save the jpeg for output and then close and avoid the extra tiff hanging around.
Hope this all helps a bit! If you haven't seen it, check out our Raw Conversion Before and After thread:
https://photography-on-the.net/forum/showthread.php?t=684360