Here's my straight-out-of-the-stone-age workflow:
1) Preview RAW images in ACR
2) Delete images I don't like
3) Perform basic color temp, contrast, noise reduction edits in ACR
4) Save all CR2 files
5) Edit images that require additional editing in Photoshop
6) Dummy down all images to jpegs, as my clients' FTP servers are way to slow to handle 126mb TIFFs
7) Images that require more extensive editing get saved as TIFFs, while images that require minimal post work on Photoshop get stored as CR2s and jpegs.
I don't see the point in wasting disk space by saving everything as a TIFF for files that require very little post processing. The bulk of the edits are stored in the CR2 file already. In the rare instance that I want to retouch an image in the future, I have the CR2 file to fall back on, and only have to "repeat" minor tweaks I previously made to the file in Photoshop. Again, for images that require more extensive work in Photoshop, I'll save them as TIFFs, as repeating that work in the future would be a major PITA.
I know it's about as ghetto of a workflow as you can get, but it works for me