I think another reason there is so much 'pseudo-English' floating around the web is because people no longer bother to read the WRITTEN WORD! Stuff like paper-books, magazines, the newspaper are slowly becoming an old-fashioned and neglected media. I bet lots of people who surf the 'net read and type this 'pseudo English' in everything from e-mails, BBS's, and IM's. Unfortunately, this "slangish" is becoming the accepted form of writing English.
Now regarding the appreviation: LOL. (Laughing out loud) I really wonder how many people actually laugh out loud when they type that!
Ok, I'll get off my soapbox now...and go read another chapter of my latest read
Advanced Speed Secrets by Ross Bently.

-Zoltan.
PS: I needed to edit this post 3 times to get all the grammatical corrections in!