I have a Lomo LC-A+, bought brand new from one of the Fashionista Lomo shops. It's incredibly over priced, but I'll admit I really like it as a camera. I'd say they're worth about 25% of the selling price, although they come with a a nice hard back book of photos, a nice wooden crate/box, and some other trinkets, which add to the value somewhat.
Yes, they are crazy expensive for what they are, but so is an Leica M7 compared to a Bessa R3A. They're functionally the same, but one cost 10 times what the other costs. Sure the Leica is better built, maybe a bit prettier, and that makes it worth maybe twice the price? 3 times? 4 times? 10 times?
The Lomo is the same, they are pricey for what they are, you could get a functional equivalent for 10% of the price. However, I would pay that premium because I like the camera, the results, and I'll admit it, I like the brand and the marketing. I'd buy a Leica too, for the same reasons.
Whether it's better to get a second hand camera instead is up to the user, but I find it amazing and great in this day and age that in the past couple of years London has got *2* new Lomography shops, dedicated to film cameras and film photography. Some people would rather there was a Jessops there instead selling Casio Exlims or whatever, I'd rather the Lomo shop.