I love it...it's secure and it works well in all respects.
I don't mind the cost for the security. That said, there are increasing initiatives that seem likely to do a lot of what it does for free. In terms of backup for instance, Facebook and G+ will back up your photos/vids automatically if you tell them to. They won't do the better backup that Lookout does, but then you hardly need contacts backed up anyway if you're in the cloud on Google (if not...that's another story).
I still like Lookout---I like having everything in one place and well thought out instead of relying on THIS for that and another program for something else, and wondering which one I made a mistake with.