Charles, which Lomos did you pick up and how fast are they? The thing is that the very fast ones like f2 and under are very expensive. The F2.2 and up are much cheaper. I wonder if they are less sharp or if it's just speed, which you can compensate with light. Althought would they be bad for night shots?
About Lomo being inferior to Cooke, yesterday, I got a nice reply from a Lomo user regarding this very same issue. He said something like " Well, I don't think Tarkovsky's Solaris looked any worse than any new film shot on S4's."
Food for thought maybe?