Tom Hogarty at Adobe has revealed some more about how lens corrections work in the next iteration of Adobe's products and what we can expect. Short answer: some common Nikon lens profiles will be provided by Adobe, and a Lens Profile Creator utility for creating your own will be provided. A lens profile can correct chromatic aberration, linear distortion, and vignetting. Beyond the preset controls, there are also manual controls to do the same thing if you don't have a profile.