Tom, thanks for that info. Yes, $69 for LR 3 is a really good price. If I was not in Japan now I would be tempted to buy it, but since I am not it would be shipped to my address in Texas and I probably won't be there for several more months.
Also, thanks for the poke that reminded me to come back to this thread and update it. This is not necessarily a final update since LR 4 will be out soon and I read a post by an ASP developer who said an ASP update is coming too. About 2 weeks ago I lost much of my interest in both of these programs after using them for a few weeks and, at least for the moment, have decided to use neither one of them. I may revisit them both when new versions are available.
I compared functionality pretty carefully and they match up pretty well with each doing some things a bit better than the other. ASP is a bit more flexible and allows more local non-destructive editing so that is a point in its favor, IMO. LR is more refined, as I said before, so that is a point in its favor. I found a few bugs in ASP so that was disappointing. ASP has some really nice features, but is currently let down by a few bugs and also a few areas which need more refinement and thought put into their design. As I used ASP I was struck how much my feelings toward it match my feelings toward Sony cameras: interesting ideas that are unfortunately matched with quality problems and a few areas which need more refinement and thought put into their design. If you can't wait for ASP to fix bugs and refine things then go with LR and forgo a few of the more interesting features of ASP.
I also kept thinking as I used these programs more and more the old saying about being a
jack of all trades, master of none. That is a bit too strong, but is a general feeling I have. The workflow is pretty nice as long as you don't need to send the file to an editor because then you lose many of the LR/ASP workflow advantages. I think that probably if you want an excellent non-destructive editor/raw processor then the latest Photoshop/ACR is a good way to go. I have PS CS2, but it has a very old ACR that Adobe hasn't updated so not only does it not support cameras from the last few years, but features and quality are much behind the current ACR. I use PSE 9/ACR these days and it meets most of my raw processing/editing needs pretty well, but the ACR controls are stripped down compared to PS/ACR so the ACR non-destructive editing is more limited. PS/ACR is preferable as long as you don't mind getting on the Adobe money train where you regularly will make big monetary contributions to stay on board.

Some are willing, but I am not so PSE/ACR is acceptable for me. I also discovered that RawTherapee 4 has even more extensive non-destructive editing than PS/ACR and I was pretty impressed when I tried it out. It can send its output to the editor of your choice for further editing so workflow is not too bad. For the time being though I will continue to use PSE/ACR since it is a bit faster and smoother to go from ACR to PSE even if RT might actually be a somewhat better way to go. If you need a photo db then you can also use others that are probably better than the built in ones in LR and ASP. For example, I have heard good things about Imatch and it is inexpensive. I haven't tried the trial version so I am just going by what I have heard. I discovered recently that the Photoshop Elements Organizer is surprisingly powerful too. I had never even run it once since installing PSE 9 over a year ago, but a few days ago decided to investigate it. I haven't decided if I will use it yet, but it is an option.
Now we get to the what I see is the fatal or near fatal flaw in both LR and ASP. It is a flaw that would be trivial to remedy, but I don't know if either program will be fixed. I mentioned this earlier in this thread and after using them both it turns out to be a rather serious problem, IMO.
With both LR and ASP you can set the capture sharpening parameters in the non-destructive editing stage and you can see the results in the preview, but you cannot for output sharpening.
Both LR and ASP allow you to save/export the file and a window comes up with many options. In this window two of the things you can do is resize and output sharpen. Neither program shows you the result of the resize or sharpen so you can't see if it looks like you want it to. The LR output window just has a very simple sharpening section where you tell it whether the output is for screen, matte paper, or glossy paper and then select low, standard, and high for the sharpening amount. The ASP output window allows you to select amount, radius, and threshold for usm. In both cases all you can do is have the program save the file and then you can go look at the resulting file to see how it looks and then return to LR/ASP and change it if necessary and repeat. In PS/PSE/PSP and every other program I have used you can preview the sharpening result in the window before saving. With those I vary my sharpening depending on the image so I don't sharpen all of them the same.
This area is a hole in the LR/ASP functionality. The choice they both give you is to resize and output sharpen blindly and then open the resulting file separately to decide if you like the results. If not then you have to repeat it all. Another possibility is to send the full file to your editor (PS, PSE, PSP) and do the resize and output sharpen there before saving the final file. Of course, if you do that then you have significantly worsened your workflow and partially defeated the purpose of using LR/ASP if all that was needed was a resize/sharpen.
It seems to me that LR/ASP in the export/save window should preview the actual results so that you can fine tune it before actually writing it to disk or sending to the printer and the window should be full size so you can see the preview well. I say put the preview in the export/save as window to make it clear that this is a separate type of thing than the normal non-destructive editing that was done earlier.
Also, recall, that in PS/PSE/PSP you get several choices when doing a resize (bicubic, etc.), but LR/ASP give you no choice. For output sharpening PS/PSE/PSP give you several choices (smartsharpen, usm, high pass, etc.), but LR/ASP only have one kind of output sharpening.
This is a step backward when it comes to the final output. I used the capture sharpening in both programs and then used the export/save as window to resize and output sharpen. I also saved a full-size tiff file with no output sharpening and opened it in PSE where I resized and output sharpened. I think the result was better than the blind, blunt tool type of resizing/output sharpening in LR/ASP.
There is a difference between capture sharpening and output sharpening. Output sharpening is done after resizing (if resizing is done) and is dependent on the size, is dependent on how the resulting photo will be used, and finally is also dependent on the photo. Possibly different sharpening parameters depending on all of those things.
These programs do virtual editing
until you leave the virtual editing world inside LR or ASP and create an actual instantiation of the resulting photo. Then you reenter the real world with a jpeg or tiff file. LR/ASP at this stage creates a real file (not just a preview in a window) by incorporating all the non-destructive, virtual editing you have done to make a destructively edited output file. It is at this stage where LR and ASP are quite deficient since the last part (resize/output sharpen) is done blindly, IMO.