I have just upgraded to Lightroom 3 at a cots of £160. I am very pleased with the improvements that Adobe have made.
I would go so far as to say that as a photographer Lightroom 3 provides most, if not all the tools needed for post production of your images.
But see for your self in this video which provides a very good overview of the main features of Lightroom 3
Press the button at the bottom right corner of the video window to see the video at full screen size