Yeah, the move from the "Photoshopping workflow" to the Raw workflow was the game-changer for me. Once ACR became capable of doing so much of what we photogs needed with Raw files, it was truly liberating -- and then, of course, when CS3/ACR/LR took on jpegs/tiffs in the Raw processor then it became liberating whether you shot Raw or not!
But Tim, seriously check out the LR Virtual Copy and History tools, and Snapshots -- Bridge/ACR make it a bit clunky to work with alternate versions of an image, but with these tools it is quick, easy, and resource-efficient to have multiple versions you are working on simultaneously. So, for example, you can have versions that are cropped differently, processed differently (B&W, etc) all in front of you for messing with.