I also use Lightroom 3 for batch editing/photo management. It does everything I need it to and is great for B&W conversions too. If there are any specialized or specific tasks that it's not capable of, you can select that file to edit in Photoshop. The really cool thing is that after you're done with photoshop and save the image it automatically imports the final image back into the same folder in Lightroom, so you can export with the rest of your photos with the same output sharpening.

Also, I find the metadata sorting with Lightroom extremely convienent. Basically I can do anything I want to do with those two programs alone.. except for HDR. I haven't tried that with PS yet. I export to HDR Effects Pro for those.

Hope that helps.

Rocco