It isn't about features alone, because technically, Photoshop does much more. Part of the appeal of Lightroom is that it's a streamlined workflow.
Without Lightroom, to take a image from camera through to print, you do have all of the tools you need with Photoshop and Adobe Bridge:
- To import photos, copy them manually, or automate it using Adobe Camera Downloader which comes with Adobe Bridge.
- To organize and select photos for editing, use Adobe Bridge.
- To edit raw format photos, open them from Bridge into Adobe Camera Raw (same raw controls as in Lightroom).
- To print, open them from Bridge or Camera Raw into Photoshop.
But that's three or four different pieces of software with different tools and shortcuts, just to open, edit, and print a raw file.
In Lightroom, you can do all of those start-to-finish steps without switching to another program: Automated imports, organizing and culling large batches, editing with raw controls, printing. To many, that unified integration is a much faster and more productive way to get through a lot of work; and if an image needs more work than Lightroom can handle, it can be opened from Lightroom into Photoshop.
There are a lot of people who still prefer to work in Bridge/Camera Raw/Photoshop, so if you like working that way there's no need to switch.
As far as the print workflow, both Lightroom and Photoshop have the necessary color profile options to make professional quality prints.