Yes, I was about to ask the same question. The LR adjustments are not correctly applied when transferring to Photoshop using the 'Edit In...' pop up menu. I'm using LR 4.1 RC.

Edit  - what seems to happen is that LR cannot use 2012 process for the Edit In... procedure. If you change to 2010 you get identical images in PS and LR. Seems like a bug.

(also as mentioned in another thread 2012 mode causes LR to crawl. 2010 mode is zippy. Adobe, fix this please!)

as JimHess suggested you should have ACR 6.7 RC installed to enable CS5's acr to read LR4 pv 2012. BUT.. BUT as i have mentioned and already found by other users, there is a huge bug not solved yet. The local adjustments panel 8brush) with clarity >0 in LR4.1 is not properly edited in CS5. ACR 6.7 read it way brighter.

this is a big problem since local clarity is quite important. The only workaround is to go back to ACR 6.6 as suggested to me, enable LR4 to render the image before editing in CS% and then you ll have a TIFF to worlk in CS% just perfect....http://forums.adobe.com/thread/974963

It doesn't look like I had ACR6.7 (was 6.6), however the Edit In... command asks you if you want to make a copy with the LR adjsutments applied and send that to photoshop which is the option I choose. This should be a flat file with the 2012 adjustments applied to it by Lightroom.

I've updated to CR 6.7 and Edity In now works, strange behaviour since ACR is not actually meant to be reading the adjustments (it problalby is being used for the conversion, but I can't see why that would be necessary).

thanks

Sorry, one thing I should add:  If I open a TIFF file, for example, in Lightroom, make adjustments and then go to edit it in CS4, I do get the option to edit a copy with Lightroom adjustments. The only place where I don't is when I've imported a RAW file. My raw files are .CR2 files from a Canon EOS 5D. So it may be that the problem is between Lightroom and those types of files, not between Lightroom and Photoshop.

Thanks much, Jeff.  Doesn't see like it should be necessary to go through that extra step, but it does work. What it appears to do is create a TIFF version of the adjusted file and then open that in Photoshop - the same thing that should happen normally if you're given the option to click "edit a copy with Lightroom adjustments."  Only diff is that now you have the TIFF version sitting alongside your original RAW image in the same folder. If your intent is to save the Photoshopped version in a different folder, then you may want to delete the first rendered version.

Anyway, it provides a solution at least for now.  I'm thinking of upgrading to CS5 anyway, and that may make the whole problem go away - maybe....