Tom Hogarty at Adobe demonstrates in IN THIS VIDEO the new lens correction features coming to Camera Raw 6, which ships with Photoshop CS5, and Lightroom 3.   This includes vertical and horizontal transformations to correct perspective lines, as well as profiles that automatically correct lens issues – chromatic aberration, pin cushion, barrel and wave distortions and vignetting.  Hooray!  These additions, in addition to the new very impressive noise reduction, make me much more excited about Lightroom 3 than I was when the first beta came out last October … it was worth the wait.   No news yet on when it will be released.

When it is available, we will be able to easily fix issues like these without going to Photoshop:

Straighten Perspective Lines (from shooting upwards at this building) with Vertical and Horizontal Transformation Controls

Bowed horizons, Chromatic Aberration, Vignetting With Built In Lens Profiles