With a low end Ikonta and triplet lens you are still going to have some expectations of a decent image, one that you can get the magnifying glass too or pixel peep. Use a Holga and that sort of repression is avoided, there is nothing to pixel peep so whatever the image is, it has to be a good image, you can't think its great just because its sharp, there needs to be content. With the light leaks, the blurry focus, the accidents of composition etc the Holga's native content is often on the pyschological level of film noire and nightmare, or in the nostalgia of another time, a happy dream, or a half forgotten summers day. Of course the Holga can accidentally turn a summers day into a nightmare image so nothing is guaranteed
The idea that it is 'hip' is interesting because Lomography is saving the film industry all by itself if film use is taken into consideration. Perhaps because the use of film this time around comes from young people who don't need to go through the strict learning regime of the darkroom means they are more interested in photographic content and expression rather than technique? It can't be so bad though if the hipsters want to say something with there photographs can it? Much better than studying bokeh.
Steve