* UPDATE * 28/10/2012 - Below, after the previous reporting!
Can really only positive report after 2 weeks use.
The mobile phone is equipped with a 4-inch display, despite the somewhat low resolution of 320x480 pixels with its Nova technology very bright and does not act very pixelated, because you have seen worse.
The 800 MHz processor performs smoothly and relatively quickly, along with the almost 390 MB of free memory, only at multiple open apps he needs times a little second.
Android 4.0.3 is already installed and the new LG Optimus 3.0 interface is very tidy and stocked with many extras.
The camera is 5 megapixels in order, one LED is attending.
Enough for snapshots.
The video resolution is no longer up to date with 640x480 pixels, since even other middle-class devices have HD resolution.
The battery is truly one of the best I've ever experienced in a smartphone. (Phone 45 minutes to 8 SMS 30 minutes surfing) with moderate use he keeps loose by three days, this is probably due to the low resolution display and the processor.
I would recommend this device without hesitation and would buy again.
So a smart phone in the price range with Android 4.0, a 5 megapixel cam and a clean telephony, you do not find every day.
5 stars and strong buy recommendation for anyone looking for a smartphone which is cheap and still brings a solid basic equipment.
Addendum 28.10.2012:
LG seems to have done his homework because after 9 weeks with this smartphone there were 3 minor updates, which have led, at least in my device to improvements in terms of speed, access the phone's menus and battery performance.
Likewise, I can say that after 2 months Android 4.0.3 in spite of 800 MHZ processor continues to be good and runs really said Updates Stable.
As I surf more than 2 hours a day for some time now, I'm more surprised that the battery still holds out his 2-2 1/2 days.
A word of telephony, the interlocutor is clearly understood and there is (in my O2 network) no problems or any Tinny ...
Despite the low resolution display (which nevertheless is not so difficult by the brightness at 50% the weight, in this price range) can be expected in the sum of all the properties with the L5 a loyal companion in everyday life in terms of the basic functions!
Part 3, on 11.01.2013: As a small addendum, I've been using the Smartphone tried some games like Temple Run and Subway surfers, which already are a bit faster the tempo.
I was surprised that in the long term the operation of the games worked relatively pleasant and the bucking was limited.
Conclusion: After more than 5 months with the LG L5 can be found a faithful companion whose design for the price is really about.