I don't see "lol" as much of an abomination because it is essentially its own word. It does NOT mean "laughing out loud" or "I am currently laughing out loud." It just means "I think that was funny."
Now, there are always a few words like this that become so ingrained in the culture that I no longer see them as abuses of language, but at some point it gets out of hand. It's one thing to type, "LOL, that was pretty awesome. Where did you find that?" and entirely another to type, "lol dat wuz prty awsm, whrd u fnd dat?" The former is grammatically correct and just happens to use a single "fake" word. The latter is barely readable.
Language will always evolve to accept new words, and I don't think we should try to hinder it too much in that regard. I think the misuse of existing grammatical rules is a much bigger issue.
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