I'm ok with the word phablet. My current phone is a Note II and I would have a hard time going back to a normal smart phone at this point. You just get used to the large screen. I also had an Optimus G briefly before trading it back in on the Note II. It looks like every issue I had with it have been addressed with the new model. The 4:3 screen was odd for a phone. The resolution was also to low. It also felt like you were making calls on a tablet instead of a phone like the Note II does.
I, for one, no longer trust LG on supporting their "top" devices. I own a G2X, when they upgraded the OS to 2.3.3 they downgraded the camera app, to the standard android camera app. Also they said they would upgrade to ICS and backed out of that.
LG g2x is a perfect example of how your hard earned and spent money on a phone they called their flagship will not get a major update down the road! They'll lie to you and say they will give you the latest up date but they will never do it. I kid you not I will never by a LG phone ever again.