Comments In Camera Raw in Photoshop and in the Develop Module in Lightroom, the lens profile popup will only display the profiles appropriate for the file type. So if you’re looking at a raw file, you get to see raw-based lens profiles. If you’re looking at a jpeg, you get to see non-raw-based lens profiles.
Adobe provides many more raw-based lens profiles, than non-raw-based lens profiles. Unfortunately, lens correction quality for non-raw files (JPEGs, TIFFs, etc.) can be very problematic. This is because it depends on where the JPEG/TIFF came from, and how it was previously processed. For example, a JPEG that comes straight out of the camera is very different from a JPEG that somebody created from a raw file in ACR. If you try to apply the same non-raw-based lens profile to these two cases, you can get quite-different results (even though they’re both JPEGs from the same camera & lens). In other words, correction quality is not very stable.
Click here for more information about lens correction and perspective correction in Lightroom 3.