I have a couple of the Holgas and also two Diana cameras (which are the original 'toy camera' of which the Holga is based). The Holga is certainly cheap, the plastic it's made of is very light and mine's held together with gaffer tape. I found out about the Holga after thinking of buying into the Lomo type of photography, but was unwilling to pay upwards of £80+ for one. The Holga seemed a veritable bargain in comparison and with 120 roll film the prospect of 6cm x 6cm negs seemed the way forward.
I bought Afga Provia colour and Kodak Portra 120 ASA400 film off ebay (http://www.tkqlhce.com/click-582776-5826355) quite cheaply and after much trial and error (plastic lens, manual exposure, near non-existant viewfinder) got some reasonable photos out of it. Unfortunately my scanner then crapped out and so I've been unable to scan in any of my newer photos. The scans below aren't as good as they could be.
I do like my plastic cameras (or 'shoddy-cams' as my other half calls them :D), the thinking is almost the opposite for my digital photography. None of this instant checking of focus, exposure, and having to wait a week to get the negatives back from the developers is simply nuts in this day and age. :D
Some examples:
<a href="http://www.flickr.com/photos/spookygonk/195559484/" title="Photo Sharing"><img src="http://static.flickr.com/72/195559484_ffa32cfe08.jpg" width="495" height="500" alt="Brighton West Pier" /></a>
<a href="http://www.flickr.com/photos/spookygonk/195559485/" title="Photo Sharing"><img src="http://static.flickr.com/67/195559485_57322d1a49.jpg" width="500" height="500" alt="Millennium Bridge, London 2004. Rain." /></a>
<a href="http://www.flickr.com/photos/spookygonk/195694083/" title="Photo Sharing"><img src="http://static.flickr.com/63/195694083_68994e299e.jpg" width="500" height="500" alt="South Bank Chains" /></a>
There's also modifications you can do to your Holga, like the aperture modification, bulb setting, converting to 35mm film cannisters, controlling light leaks (should you wish), adding filters & close-up lenses and even decorating the outside (my Holgas are now painted red and purple :D ).
Links:
http://www.geocities.com/markhahn2000/holga_mods.html
http://www.toycamera.com/
I do actually own a couple of *proper* 120 roll film cameras, including the hewn out of solid metal, the Mamiya C33. I hope to try those out next year after I move house. Ironically, my friends who jumped from 35mm film to the DSLR market all have now invested in 120 film cameras.