Lightroom 2.0 was released three days ago on July 28. The upgrade is $99, and it has paid for itself already.
There are a number of improvements, but the most important to me is the localized correction feature. These are non-destructive adjustments, meaning they do not modify the original RAW image data, and they add virtually no size to the file. The new tools are more intuitive and faster than using Photoshop for similar results, and now it is unnecessary to make a Tiff file for these adjustments.
Correctly exposed for maximum dynamic range and shadow detail, the untouched RAW image is pretty washed out. Global adjustments to improve the sky would unacceptably darken the foreground.
A brightness adjustment was applied just to the sky and feathered in to the mountains with the new adjustment brush. There is also a graduated filter tool, but in this case the brush proved better to paint around the mountain shapes. This represents just a few minutes of work.