I've paid for the On1 PhotoRAW app. Waited patiently for the Fall Release, late Fall release and finally the Late November Pre-release. I'm not very impressed with the Pre-release. One PhotoRAW is basically a counterpart to ACR with some canned presets included. It does not do any image management (you still need LR for that) There is a big disconnect between what happens in LR as far as keywords ratings picks etc. Everything has to be saved to Metadata in LR before ON1 PhotoRAW can pick it up. Color indicators are the same but LR uses a color label set and Bridges uses a different color label set as a default. Neither seem to be picked up by ON1 PhotoRAW Filters are incredibly slow as the App needs to scan every file in the folder to filter on some characteristics. The filter options are crude and there is nothing like a Smart Collection.
As for Edit adjustments, I see nothing beyond what was available in On1 Photo10. Just that these can now be applied to RAW files.
PhotoRAW is just like PhotoShop if you want to create derivative file. You need to create the export before you can use the On1 Photo RAW adjustments in another application. It is Like LR in that the adjustments can be generated in the app and applied to the original image (i.e. RAW + Adjustments) You still need to export to make use of these outside of the app. Lightroom keeps everything in one catalog database file. Easy to backup when kept in one file. ON1 Photo RAW by default doesn't save any edit adjustments. If you turn this on in Preferences, a side car file with an .on1 extension is saved in the folder with the master. This develop meant data is not readable by any app other than On1 Photo RAW. Since there are lots of little files created it becomes like backing up an Adobe XMP sidecar Which can be utilized by any Adobe photo app. I think since you spend time in the file browser, it might be quite easy to use Explorer/Finder to delete important sidecars unintentionally.
Another baffling thing is Crop. It is not available in the pre-release. The same control is present in On1 Photo10. With 36mp images, I almost always crop not being able to do this in the prerelease is a setback.
ON1 Photo RAW can be used in LR as an external Editor. However, you must create an intermediate PSD file (Just like PSCC) You can not work on a RAW file if used with LR as your image manager.
In summary, ON1 Photo RAW is several generations behind ACR and PSCC. It does have some nice features, but nothing over its predecessor ON1 Photo 10.