I would love it if a new, serious, well built, instant camera was made, but would I buy one? Probably not, because it would be hard to justify: I would guess it would cost at least $300, and there are just too many awesome used cameras out there that I would rather spend that $$ on.
As an example, I think the Lomo LCA is a pretty good ultra compact, but I can get a truckload of XA2 cameras for the price of one new LCA. I don't think Lomo is unfairly pricing an LCA as it costs comparable or less (in real dollar terms) than what the XA2 cost when new. Making reasonable quality new stuff that does not appeal to a broad audience is a hard thing to do these days.
Aside from the LCA I am really not crazy about a lot of the Lomo products, but I think their instax camera is probably as good as we are going to get without a hack of some sort. Fuji has come out with some more serious cameras (like the Neo 90) but they seem to have less features than the Lomo Instax. Beyond these cameras I am guessing that the hacks (such as those suggested or the ones Chalky reminded us of) are gonna be it.
I really liked the work that Eirik shot last month on his Lomo instax – in fact some of his shots were some of my faves from the
‘one camera one month’ experiment. This should not surprise me as a lot of my faves on this site are from lower tech cameras.
Now I said I am probably to cheap to buy a $300 instax camera, but if my daughter cuts me off from using her Fuji Instax, I might consider the Lomo one as it gives me a few things I would like: a) being able to turn off the flash, b) some aperture control, c) focusing (I can live with zone), d) tripod socket, e) bulb mode, etc.
Actually, my main problem with instant cameras is the price of the film - and to be fair I think the current instax film is not out of line for what instant film traditionally cost. I remember shooting it in the 90's and it cost about the same per shot. Perhaps instax is smaller due to inflation