"Lomo" is a look that originated from the vintage Russian Lomo LC-A camera, and was known for it's unique and somewhat imperfect but artistic images, which has transformed into a cult following.

"Cross-processing" was a look that was discovered in the 60's when photographers mistakenly processed color film with the wrong chemicals (i.e. E6 vs C41), causing all kinds of weird color-shifts. The look has been used extensively in both fashion and concert photography. Combined, these two and similar cameras make up the basis for Lomography, which continues to gain traction and is celebrating it's 25th year (as of 2010).

Although Lomography is based upon creative analogue and film application, one does not have to purchase a lomo camera as the look can be duplicated in software. That's not to say that either film or a lomo camera should be avoided.  I still shoot film often with antique cameras, and I shoot digital through vintage lenses as well. 

I think it's important to be creative in ones work, regardless of format, just for the sake of enjoying the craft.  Take that to heart from a photographer whose daily work resides in the often sterile corporate world of product photography.  It's simply refreshing to base a photo's merits solely on how cool it looks.