I don't do studio work or tethered shooting either. In fact, I'm an amateur shooting street and other outdoor styles that are used as Creative Commons stock, but I wouldn't be without Lightroom. I also use Elements for anything Lightroom can't cope with, e.g. layer work.
One of Lightroom's strongest features is asset management. In other words, cataloguing, tagging, searching, and retrieving your photos. You can tell it not only to show you all photos with the tag "street" but also only those taken with your 50mm f/1.8 lens, or only the ones you took using your compact camera on holiday, or by date, which photos you shot at 79mm or f/13 or ISO 6400, which you took with flash, etc, etc, etc.
You store your photos sorted as on the filesystem (in drives and folders) but you can create Collections that mix photos from anywhere on the filesystem. You can not only edit your photos, you can create local and web-based slideshows, and the printing module is probably second-to-none.
As well as using sliders for Tone, Colour, and Detail, it includes lens correction, camera calibration, split toning, cropping, spot removal, red-eye reduction, gradients (think digital filters), and the Adjustment Brush for local enhancement.
What it doesn't do is all of the selections, layers, masks, filters, and actions that CS or Elements can do. It speeds up your workflow by allowing you not only to do batch editing jobs (as Photoshop does) but also batch asset management; for example, you can assign tags, EXIF data, and IPTC data to multiple photos in one go. And, by using Collections, those photos don't even have to be on the same hard disk, let alone in the same folder.
And to cap it off, you can open a RAW image in Lightroom (without having to use ACR as LR uses the same RAW-processing engine), do your asset management and preliminary editing, then pass the result to PS or Elements as a 16-bit PSD file to do the sticky jobs, then have the results of that passed back into Lightroom, seamlessly.
If you're working on small numbers of photos, one at a time, trying to make masterpieces, then Photoshop (CS or Elements) can't be beaten. But if you shoot lots, Lightroom makes more sense. But I'd recommend having both.
