WOW! 480Sparky really makes a big production of it! Having started with a freebie Photoshop LE version that came free with my Canon G3 in 2003 (or thereabouts), I used to kill myself Photoshopping the daylights out of the pictures trying to get WB right (I didn't understand WB until a year ago), noise correction, cropping, etc. Then I moved up to Lightroom in late 2011 and my world changed. LR first then (still) the Photoshop LE to get some 'final' touchups. But, both my process and computers have evolved in the past 18 months to:
1. Make a separate folder for JPGs, RAW, From Lightroom, From Photoshop, and Final.
2. As I shoot RAW + LJPG, I copy each to their respective folders.
3. Make a complete copy on 2nd internal drive
4. Make a copy on a USB thumb drive (off-site backup (in my pocket) until I retrieve my off-site USB HD after everything is done)
5. Using Windows Photo Viewer to see each full screen, go through the JPGs, deleting the losers in the JPG folder...bad exposure, OOF, very similar shot, subjects eyes closed, background problems such as other subjects looking the wrong way, distractions, etc.
6. Pull up both the JPG and RAW folders side by side, and make corresponding deletions in the RAW folder.
7. Process through the remaining RAWs in Lightroom. My processing here has evolved to be as limited as possible...WB, maybe a slight color correction as well, horizontal adjustment, a bit of sharpening if needed, then noise reduction if needed, and lens correction to fix minor distortions. Like KathyThorson, I then synchronize groups of shots whenever possible.
8. Output everything as JPGs to the "From Lightroom" folder.
9. Copy that to "From Photoshop" folder.
10. For only those that need a bit of extra adjustment, such as detailed cloning to 'erase' background distractions like fire alarms, lamp cords, etc, touch them up in Photoshop Elements and save them back.
11. Although I've deleted a few here and there during Lightroom, copy all 'From Photoshop" pictures to "Final", then make another pass with Windows Photo Viewer deciding which will make my 'final cut' for a presentation or CD/DVD creation. I may remove pictures here due to having better ones technically, or better in terms of subject expression(s), or simply to limit the total number of pictures due to size constraints for presentation/CD/DVD.
12. I also selectively print some final pictures. I'll re-Photoshop them to crop them to 4x6 or 5x7 using the pre-determined cropping templates in PSE, and save them to yet another folder, appropriately named 4x6, 5x7 or whatever.
Overall, I think I can 'bang through' about 300 shots, cutting them down to 80-90 or so before Lightroom, and down to 50-70 'finals' in about 3-4 hours. The big key was upgrading my computer to a 4-processing, 4.7 ghz computer with a SSD for the operating system and all my editing. The backups along the way and final 'in computer' resting place for the shoot is a 1TB hard drive and it's offsite clone.