The biggest problem I have with Lomo cameras in general aren't the plastic build quality or optical quality or anything like that. For what they are, they're fine. I like the funky square formats and vignetting and all of that.
No, my biggest gripe is exposure control. Almost all of the Lomos, with the exception of the LC-A, you only get one shutter speed and one f-stop, plus bulb. Maybe two f-stops on a better camera. That's it. For what C-41 processing is costing these days, blowing shots because of bad exposure is simply a waste. I'd rather be saving money by shooting a cellphone camera app, even a digital point and shoot.
And don't give me that excuse about color film and its wide latitude. I want the look of a Lomo lens but want to control highlight and shadow exposure.
I've been meaning to do a series of tests with my Lomo and figure out how to use ND filters and fast film to get accurate exposures with a handheld meter, in place of variable apertures and shutter speeds.
I know - maybe it's along the lines of "polishing a turd," but for what film and processing costs, the least we should expect is a decent exposure from a Lomo, especially if you plan on scanning to digital.
Instead of all the colorful new camera models they come out with all the time, how about a real f-stop ring? I'd even be willing to pay a bit more. That's why I haven't purchased any new Lomo cameras in the last few years, you just don't have any exposure control.
<End rant mode.>