It's a lot less affordable than it was a few years ago, but I guess it's still cheaper than Central.
However the doubling or more of rents over the last 3-4 years has definitely changed the "community", for the worse for some of us.
Several bars in Main Street are the focus of the social scene.
There are lots of links to FAQs and articles about Lamma over the last 10+ years in the "Lammazine", the parent site :
http://lamma.com.hk/Internet is a fraught subject. See recent discussion in the "Environment, Politics & Development" forum.
Basically you can get about 1-2 MBps via ADSL (i.e., over copper phone lines), with no monthly caps.
Best choice for that is Netfront, with a 6 month commitment, rather than PCCW, which demands 24.
Or use G3/G4 wireless, much faster, but monthly caps of typically 6 GB. Recent offerings from Smarttone may allow unlimited overnight, slow, downloads if that's your thing. Doesn't work everywhere though.