After 3 weeks shooting Lomography cameras, I can answer the question. I believe Lomography has done good things for the film photography hobby. They were instrumental in bringing back 110 film, and they have introduced a digital generation to the charms of film. I'm glad they exist.
I don't consider myself one of their devoted followers, however. After three weeks shooting only Lomographic cameras, I'm craving a 'real' camera. The LC-A is a nice pocket snapshot camera, but it's just missing something for me. I need to go back to an SLR or rangefinder, with black and white film which I will soup and print myself.
I'm a photographer, a camera collector, a hobbyist, and a darkroom novice, but alas I am no Lomographer.
Sorry guys. Keep selling those cool films, though.
Notes from Mosquito Hill 