OK, so (cost not an issue) if you could have a Fuji GS645 folder (about the same size as a Holga, but with a much better lense) or a Holga, which would you choose? The Holga does 6x6 with vignetting, whereas the Fuji does 6x4.5, but it has a far better lense and meter and rangefinder.
If cost is an issue, obviously the Holga is nice and cheap. But what about an older folder like a Zeiss Ikonta with uncoupled range finder? Those are fairly cheap too, and the lenses are a lot better. The Holga has that "Holga look" though...
And, if you are really worried about cost, why not a Polaroid 101 with close up adapters and filters, etc. and some type 655? The film costs more, I guess, but it is definitely in the same ballpark costwise. And you get 4x5 negatives. A little more bulky than the Holga though.
What about a point and shoot 35mm with autofocus and flash? Almost as cheap as a Holga in most cases, and just as portable. Not 120 though.
I guess my point is that cameras don't make pictures...