well speaking from my experience in black and white, I am importing a negative with pretty low contrast (as much image info as possible) into LR3 so normally I will bump the contrast up to 100 to start. From there the Blacks slider handles the black point (use alt to see clipping) and the exposure slider kind of handles the white point though it does make everything lighter but mainly in the highs (again use alt to see clipping). There is a slider called recovery which will cut only the tones near the white point, and a slider called fill light which increases the brightness of the tones just above black. Then there is an overall brightness slider near contrast, and a slider called clarity that adjusts local contrast. You can usually get very close with just these, but for fine adjustments you can then edit the image curve, either manually or by using a tool which lets you click on the tone you want to change and then drag the mouse to adjust up or down. For dodging and burning type actions or other touch ups there is an adjustment brush and a graduated filter tool - both of these have a range of adjustments you can choose from. And the spot removal tool is great.
But if someone here knows lightroom well I would love to know if I can make all the colour adjustments I need in lightroom or if I need to bother learning how to do that in photoshop. Thanks!