Tom Hogarty of Adobe has posted a preview of the lens correction technology that will be included in the forthcoming Lightroom 3 and the Camera Raw 6 plug-in (part of Photoshop CS5) This is a non-destructive edit and is designed to address lens correction via two methods: Lens Profiles and Manual Correction. The easiest application of lens correction will be to apply the lens profile technology that encompasses geometric distortion(barrel and pincushion distortion), chromatic aberration and lens vignetting characteristics into a profile.
A handful of these lens profiles will be provided by default and a Lens Profile Creator Utility will be posted on Adobe Labs allowing photographers to create their own lens profiles using a simple procedure. There are also manual distortion corrections that extend beyond traditional geometric distortion and provide horizontal and vertical transform adjustments. This is in addition to the existing Lightroom and Camera Raw rotation, scale and crop to visible image data tools.