I don't see toy film cameras as hipster cool. iPhones, iPads, Android phones - these are the current fads. Anything film is retro, but not hipster cool; if it were, Kodak wouldn't be on the slides, and Apple wouldn't have $120 billion in cash.
I do admire Lomography for how they've managed to help keep film use alive. In my town, the easiest way to get 36 exposure rolls of 100 ISO color negative film is Lomo film at Urban Outfitters. Forget Fuji or Kodak at the big box stores, they only have ISO400 in 24 exposure rolls.
I can't quite understand the film snobbery on sites like this one, and RFF, and to some extent the LF forum, where people are so vocally down on Lomography, then out of the other side of their mouths come laments about the demise of film and film cameras. You'd think people would be smart enough to figure out that film photography users need to unite forces and support whomever is making film and film equipment, Lomo included.