It's even a little over it. At that price it really is a bit of an overkill, unless you really have that much spare change. It still is rough and lacking at some areas. Tagging, is fast, keyworking isn't, and working with large catalogues and importing files is very taxing. Still no proper lut support, probably because they make spare change selling profiles on the side. Few other annoyances that I'm sure will only be fixed in later versions. I really could not recommend spending 300 on it to anyone. It is better than lightroom, I'm certain about it now. Then again, regular user will not get anything extra out of it, and high end one will do the same things in a slightly different way, and end up with same results on lightroom.
If the talk was about photoshop, that would be different. It's as complete program as it was ten years ago, hardly any vital thing has come to it since, but it naturally it's no longer an option.
Anyway, you should have raw editor from canon, or some affiliation as a free option. Most companies have these.