This application makes Bridge look horribly poorly designed. And Bridge isn't really that bad. But Lightroom is that good. I've been importing my photos into Lightroom, one year at a time. One year is a manageable chunk. I can get everything imported, get it sorted into collections and then I can run a backup of what I've gotten imported so far.
Lightroom does not substitute for Photoshop. In fact, to do some things, you move into and out of Lightroom and Photoshop.
The learning curve isn't quite as steep as it would be if I didn't already have some skill with Photoshop. But it isn't a cakewalk, either.