They should've called this phone the LG Optimus V III, and in like manner the LG Optimus Elite should've been called the LG Optimus V II. It really is the logical progression of what the LG Optimus V "classic" started--stable, reliable performance that for its time doesn't feel like a cheap phone but doesn't break the bank. "Entry-level" has moved from 3.2" to 3.5" to 4" and added LTE/4G to boot.
I've had this phone for the past 5-odd days & I concur, it's great. I don't ask a lot of a phone in terms of power, but I demand that it just WORK, without glitches & such nonsense, and it can't lag on basic tasks. Also it needs respectable battery life & it can't 8011 years for the GPS to lock on to your target.
This phone has totally done that for me. Its GPS is fast and sure, its battery life is way superior to my previous Kyocera Rise or even the not-as-bad ZTE Awe I tried briefly (to be clear, it will still need daily charging, you might even need to take an external battery charger if you use the GPS a lot, but on typical non-GPS usage it will usually last all day). It doesn't hang up on basic tasks, and its display looks pretty good, especially for an entry-level device. It doesn't have any glitches like the ZTE Awe I owned which would "loop reboot" once the battery hit the 30% level or so.
I got mine for $70 at Radio Shack, and especially at that price, I definitely recommend it. If you want something better than "broke as a joke" phones like the Chaser or Kyocera Event but can't do a top-level phone like the Galaxy S3, this is the one to get.