Yep, Lightroom 4 will even recognize the files from the 5DIII. That’s what I’m using. If you don’t want to upgrade, you can do an extra step: Download the DNG converter (for free) from Adobe’s website. You’ll have to first manually copy and paste the files from your camera to a location on your computer’s hard drive. Then, run them through the DNG converter. DNG is a “universal” RAW format and makes any RAW files backwards/forwards compatible with new or old versions of RAW-reading software. Once you convert the files to DNG, you can import them to your Lightroom library and they’ll behave just the same. DNG files are nice because they don’t give you those “sidecar” XMP files that normally show up alongside your .CR2 RAW files. No degradation of quality or edit-ability occurs when converting to DNG. Before I upgraded to Lightroom 4, I use the converter for a few sessions. Now, I actually copy all my RAW files as DNG right away upon import anyway. So I can say DNG is a perfectly good option.