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LiveCycle Designer is Adobe's form design product. Since you have the product, I am sure you understand what it is meant to do. LiveCycle Workbench is the integrated design environment (IDE) that comes with LiveCycle Enterprise Suite. LC ES is a server-side platform that enables you to create enterprise applications that range from data capture processing (accept data posted from a form created in LiveCycle Designer for example and store the submitted data in your back office), Correspondence Management (generation of documents, protection of said documents, document management, etc) to Business Process Management (routing work from one person to the next).

LiveCycle Workbench is the design tool used to build these server-side applications. LC Workbench is made up of two main components: Process Designer (used to model the types of applications I mentioned above) and Form Designer (aka LiveCycle Designer). The only difference between the LiveCycle Designer you get with Acrobat and the Form Designer that is embedded in LC Workbench is that the version in Workbench is tied to the server runtime - meaning that all of the form templates you create get saved in the LC ES Repository. The version you have that comes with Acrobat has all of the same functionality except that the form templates you design are saved to your local file system.

For more information on LiveCycle ES, go to: http://www.adobe.com/livecycle