I never much cared for Lightroom. I prefer to use Bridge to catalog and organize my images, with ACR and Photoshop to do editing. If you'd prefer an automated cataloging solution with 95% of the edits you'd ever need, use Lightroom. With the NIK plugins (specifically Viveza), you'd probably not need Photoshop but once in a blue moon, unless you like to do photomontage or some other creative editing. I would argue that with Photoshop, the need for the NIK plugins is not as high. The channel mixer can get you excellent B&W conversions, but you'll not have the film profiles to make your photos look like Tri-X or Tech Pan as you would with Silver Efex Pro. That's not a huge loss for me. Viveza is not necessary once you learn to use masks in my opinion. HDR Efex Pro may be useful if you do a lot of HDR (I generally shoot bracketed exposures and use masks to layer the images). DFine is a good noise reduction app, but I've heard CS6's and Lightroom 4's noise reduction is just as good if not better. I use CS5 (was the current version when I was in college).
I hate Photoshop Elements' watered-down interface. But, I was trained to use Photoshop. Going back to a dumbed down alternative is not an option for me.
I'd say get Photoshop (I'd get the CS6 Design Premium suite, so you get InDesign and Acrobat as well as Dreamweaver) while you are in school and can get it cheap. It's well worth it. I would not consider Creative Cloud unless you feel you need the entire suite, and/or can't afford the $300 or so the Design Premium suite costs at one time.
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