Photoshop ACR plugin and Lightroom use the same engine for the conversion. The nice thing about LR is that you can do both individual and batch adjustments on the same image. Let's say you shoot 50 frames all from the same spot trying to catch a fish in the shot. The light is the same on all the images so you could adjust white balance, exposure, etc on one and apply it to them all. On the frame where the fish is where you wanted, you could also maybe add some fill light or targeted adjustment while retaining all of the batch. All of that with unlimited history. PS can so most of the same things but the work flow is much more tedious, IMO.
Cheers