No, it definitely does correct even the weirdest distortion (and CAs) of most lenses. What Spraynpray means is the lens correction module that works with dedicated lens profiles, not the simple module where you just have a generic slider pincushion vs. barrel. This module is the same asin the Camera Raw converter of Photoshop, so if you have Photoshop, you can just use that as well to check it out.
Hint: You can open any image file with the Camera Raw converter by going to "File -> Open" and then in the dialogue box selecting "Camera Raw" for Format, but leaving "Enable:" with All readable documents. You can simply select a JPEG and click on "open" and it will be run through the Camera Raw module, giving you all those lens correction features.
Edit: What about PT Lens? Does anyone have experience with that?
Alright! An answer! I don;t mean to be sarcastic and cynical, but "they all do and it doesn't matter" totally doesn't help. Especially that brick wall comment.... I've done my homework, and what I've read pretty much everywhere is that complex wave distortions are just a fact of life, but then again some of those articles were written half a decade ago. Which is makes Chris' lovely post the exact reason why I'm here asking.
@chris I don't have either lightroom or photoshop. I edit in Aperture. PS and LR just make actions I can do in Aperture take 50% longer with sub menus and layers. 99.9% of what I use on every image is one click away and Aperture is completely non-destructive and never actually edits raw data untill exported. But that's neither here nor there. Fact is, I'm a huge fan of ultra wides, not so much a fan of having to live with complex distortions. It's almost 2013 people... someone's figured out a way to deal with it that doesn't require $500 software or a $2000 lens, I'm sure.