I love Lomos. The photos have this artistic, surreal feel which makes them really fun and interesting to look at. Photos taken with Lomo cameras have characteristics of high contrast, twisted or over-saturated colours, noticeable vignette and sometimes blurred snapshots. With a little bit of skill in Photoshop, you can easily replicate these effects on your normal photos.
Here's an easy tutorial I found to achieve the Lomo effect using Photoshop. Have fun experimenting!