I'm assuming you have looked at On1 RAW and also at Topaz Labs?
ON1 RAW wasn't even close for me when I tried it and was terribly slow, I have never heard of the other one but I checked their website and it doesn't look like it will meet my needs either.
I think many applications can replace LR and maybe even the little that I do in PS, but if the time it takes to perform those tasks is twice as long or counterintuitive then in the long run the extra time spent editing the footage will add up to more than the cost of the Adobe Subscription. After big events I need to be able to process thousands of pictures within hours and so far I haven't seen any SW that can match my current work flow speed.
As much as I hate paying the subscription, and certain limitations of LR, it seems to have some secret ingredient that no one else can match when it comes to RAW processing efficiency.