What is not being said here is that Lightroom is an entire image processing software. This includes importing, cataloguing, non-destructive editing and output processing of images and now video. It easily and quickly handles about 95% of all my imaging needs. LR also has plugins for Zenfolio, HDR efx pro, Flicker and a bunch of of others. So, If your looking for just one "does everything" software, then LR is probably what you are looking for. If you are looking for specialized software that does just one thing very well, Then LR probably isn't the software you need. CS5/6 is absolutely king of editing, Photomatix or HDR efx pro are the kings of HDR and there is probably very specialized software for stitching as well. So, Considering your "student pricing" access, I would suggest LR and something like HDR EFX pro Plugin and you would have a very nice package for less than 200 bucks. When the opportunity arises, then pickup CS6 for around $200 student pricing for your high end editing needs.

Back to your original question:
What are peoples thoughts on Lightroom vs DPP? Would you pay $150 for the additional functionality of Lightroom?
Absolutely, no comparison

just my 2cw

Bob