Originally Posted by
GrumpyDiver
Photoshop has ACR-like functionality in the Camera Raw filter. It looks a lot like camera raw, but isn't. The sliders are in the "neutral" position and any edits done are incremental to whatever has already been done in ACR / Lightroom + Photoshop. This, like any other Photoshop edit, is pixel based and destructive.
Except for one thing. If the layer you are working on is a "Smart Object", the filters act a lot more like what you are used to from ACR / Lightroom and all the filters (not just the Camera Raw filter) remember the settings and you can go back and change them. The downside to the Smart Objects are that they cannot be edited on a pixel basis, so the clone tool, fill tools, brushes, etc. do not work on them. To use these tools you have to rasterize the layer (and lose the reversibility of using Smart Objects), but they you can edit them. What I do is to make a copy of the Smart Object and then will rasterize it. That way I still have all those edits and don't have to go all the way back if I need to make changes to one of the filters. The only downside is that the *.psd file gets larger as you add layers.