Look
Lomography is, from what i gather, about the fun of taking pictures. Its about the inability to predict what your camera does in general, it's about capturing moments in new and unexpected ways.
Just the other day I was thinking about the phrase "It's all been done before, there is nothing new to photograph", is it, really?
I was thinking how boring we all are now days, street photography showing the same boring people in the same clothes, driving the same boring cars, all over the world.
Nobody wear hats any more for example, just those silly caps with some global brand logo on them, at best.
The everyday fashion is generic and uninteresting.
Heck, you can't even tell car-brands apart anymore, without looking at the current logo in the front.
Just think about the remarkable difference this is, from the days in the 50's and 60's ^^
Lomography is about capturing this seemingly boring world we live in in new ways, a different perspective, informal, "cool", in your face.
Fast paced but with an old style nostalgia and a fascination about imperfection to it, I suppose.
Treat it for what it is. This is a very different thing than the photographic craftsmanship we can often see on this very site, but all "art" is not the same
Here is an interesting film about lomography and its history:
http://vimeo.com/m/21735770
I personally don't own a Lomo flavoured camera, but I was tempted to buy some questionable eastern European brands while in the Czech republic (Fotoskoda and a few other more all-analogue stores) a couple of years back, for kicks
I regret I didn't buy any ^^
And remember, the more film-wasters there are out there, the better off the community and industry as a whole is.