I've been using the beta releases of Adobe Photoshop Lightroom to manage my digital image workflow for the last year or so. I've tried a number of products and this is the one that best fits my requirements (particularly for the manipulation and conversion of RAW images). So much so that I've stuck with it for much longer than any of the other photo processing and workflow tools that I have tried.
When Adobe announced general availability I whipped my credit card out so fast I nearly cut myself. As of yesterday they are shipping boxes and mine should arrive some time in the near future. I can't wait. It is sparklingly good software.
For preference I use free software, and make my payment in bug reports, fixes or time on mailing lists. But Lightroom is head and shoulders above the competition (in both free and proprietary software) that I don't mind paying my hard earned dollars for it.
Of course, your mileage (and requirements) may vary, but if you are in the market for photo management software do download a copy and try out the thirty day trial.