From Smashing Magazine:
“Lomography” is a term quite unknown to most of us, but many practice it. The name was inspired and derived from the Russian “LOMO” cameras. Lomography not only refers to photographs taken with the LOMO camera, but can also apply to casual photography taken with any ordinary camera.
The characteristics of Lomo photographs are oversaturated colors, extreme optical distortions, rainbow-colored subjects, off-kilter exposure, blurring and alternative film processing, all things usually considered bad in photography. In short, Lomography is the act of taking photographs without thinking, and ignoring the established rules of “good” photography.