Similar functionality could be achieved in LR by just adding the HSL panel's options to the adjustment brush's options (as has been asked for).
Close, but not quite, even if the request had been granted - as I guess it still could be in the final version of LR5. The U-points select by color or tone within a variable space. You can get the same result using the adjustment brush with auto mask in Lightroom but it takes longer - or at least, it takes me longer. You can also invert the selection with U-points - something I was hoping for in Lightroom 5, but which I can find only in the new circular gradient tool.
Watching some of the tutorials I get the impression that the U point idea is fine until you need to get really refined edits, then it becomes so complicated with multiple points you might as well have just used the existing tools in PS anyway.
Multiple points can be added very quickly and points can be duplicated, overlapped and inverted. Once you get the hang of it I find this speeds up a lot of edits. For the ultimate in refinement Photoshop is still top of the heap, but I wouldn't be too dismissive about U-points merely on the basis of the tutorials.