This is going to be the hardest "Final Thoughts" I've ever had to write. On one hand, I really want to say that the LG Optimus L5 is not the phone for you, but on the other hand, it does offer a great package for those wanting to get a phone for under $200.
It has Ice Cream Sandwich going for it, its style going for it, but that's about it. Its single-core processor is a huge letdown, and its very low-res 4-inch screen is just abysmal. But then I find it hard to not recommend it for just $199.
If I had reviewed this phone on release, it would've not only scored more, but I would've really recommended it in my Final Thoughts. But, at the time of writing this review, the also LG-made Nexus 4 came out recently. For $399 AUD, you get Google's flagship phone with a 1280x768 display, quad-core processor, Android 4.2 Jelly Bean and much, much more. $199 to $399 is double the price, but it comes with what feels like 10 times the power and quality.
This doesn't make the Optimus L5 a bad phone; it is just faced with increasingly cheaper competition. This is where I feel the Optimus L5 loses out. If it had come with a higher-res display, and slightly better dual-core processor, it would've been a much better phone to recommend.
The camera quality is not too bad, with LG providing a 5-megapixel camera, so if you're after something you can snap pictures with, and having a $199 entry point, you'll be in luck with this smartphone.