Originally posted by crewl1 This+1
I don't recall where I heard it but peforming subtle NR first before applying any sharpening seems to give me better results than the other way around.
Yes, I don't think it matters much in the final product as LR fixes its sequence on export, but I find that if I sharpen first, any NR ends up softening things and I have to sharpen again. A little NR first allows me to get that out of the way and then sharpen. My own personal emphasis on the masking slider keeps the sharpening step from sharpening noise that may get sharpened since it is underlying the NR step. I do think LR sharpens first before NR on exporting.
If it ever gets to the point where that is an issue, I'll usually shift to Photoshop anyway and count on layering and Neat Image for noise reduction and sharpening in the order I see fit. THankfully, LR's noise reduction keeps improving and I rarely need that step, even with my old and noisy K10d images.