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Think of the Lightroom editor (Develop Module) as ACR on steroids. Lightroom edits RAW files by storing the edits in the sidecar XMP files (a separate file) and does not add anything to the actual RAW file, with the exception of Adobe's own DNG format. This also allows you to view the history of edits and roll back any you want, or all, easily.
For exports, it is easy. Since you mention Flickr, there is a built in exporter. You can fill in all the details for the photo (title, description, etc) before uploading. You can create new photosets in LR and upload them to Flickr. It is great for managing photos on Flickr. It will also download comments on your photos from Flickr (though I think you need a Flickr Pro account for that).
You can set up any external editor and select what format you want to edit in (jpg, TIFF, etc).
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