Considering the LG Optimus L5 is just $199 it comes with Android 4.0 Ice Cream Sandwich, which is definitely not a bad side to this otherwise cheap phone. Delving deeper into this situation, competitors phones haven't even caught up to Android 4.0, which makes the Optimus L5 stand out even further as a cheap phone alternative. $199 and ships with Ice Cream Sandwich - this is the marketing slogan LG should use.
LG have also baked in some of its own sugar and spice, including things like QuickMemo, which is placed in the notification bar. QuickMemo lets you quickly draw something on the screen, kind of like S Note on the Galaxy Note range of Samsung's smartphones.
LG have used its Optimus UX interface, splashed on top of the stock ICS look. There's not much else LG have done, but I personally don't like the overlay of the Optimus UX look. Stock Android would've been nice. There are little things that make it better, such as the above-mentioned QuickMemo, as well as the keyboard which adds a comma into the default layout, as well as the key enlargement sporting more space between each key. This helps with one-handed use, big time.
Spec-wise, we covered it in the specs above, but we do have Wi-Fi, Bluetooth, A-GPS, FM, DLNA and NFC radios. Not too bad for $199, but somewhat of a standard feature set these days, too.
There's not much that the LG Optimus L5 can really do that sets it apart from the competition - and we're really only talking about a low- to mid-range phone, remember. But, for those who want something cheap - the feature set is definitely good enough.