Lomography's problem is that it does not innovate any more. They just take old ideas, brush them up and try to make money out of it.
As for the praise of its wide angle lens, it does not mean much when all you get is a medium format point and shoot camera at a sky high price. I'd rather go all manual and 135 that get an expensive medium format point and shoot with a lens (don't you dare compare it with a haselblad's lens) of no documented quality (not to mention that I could buy some additional decent lens for my existing cameras, or even more film 135/120).
It would be interesting though to listen to others first impressions. I'd like to know how durable that toy would be, to see some other than lompgraphy's peoples' photos, how long that iso selection switch will last and what does that metering range infinity-12EV proves to be.
It will take a hell lot more to persuade me about that price tag.
Honestly, I think Lomography may not innovate too much, but they do make more 'different' cameras than anybody else. I can't think of another camera maker which makes such accessible and interesting cameras, maybe Walker LF cameras, maybe Fotoman (dMini looks very interesting), but the rest of the industry is basically adding numbers to MP,ISO,DR,and AF speed specs and calling it a new camera. That's fine, but there is no innovation that I can see, no changes which change the way we use, or think about their products.
Sky high price? Where is the medium format point and shoot with a wide angle lens and a low price? Serious question.
I've had a LC-A. Yes, build quality is bad, but on a trip it kept shooting when my brand new Fujifilm Klasse S failed. I don't blame Fujifilm, I'd buy one again, and they honoured the warranty, even though it was a grey import, impeccable service. These things happen, but despite the 'low quality' of Lomo and the comparatively high quality of Fuji, it was the Lomo that kept on working.
Anecdotal evidence, only my own experience, however, when it comes to reliability, I guess you can rely on an internet rumor-mill or your own experience.
If the meter on the LC-A 120 is the same as the LC-A 35mm, then for me, it worked perfectly every time, but I only ever shot C41 and cross processed slide film, never slide film to process as E6, so maybe the meter's weaknesses would become apparent then.
Durability? Again, if it's like the LC-A 35mm, it'll keep on taking photos, but feel fairly rattly doing it.