Some things are truly LOL moments: Most things that The Social Bobcat writes fall into this category ( e.g. this very old post of mine ).
Most things are not of this calibre, but a great many people use the LOL acronym to assert that what was said was of this uproarious nature. The Geekfoolery krewe sugest using BNS. Sure it’s a bit, uh, graphic, but after a few months of use, the acronym will take over the component and all we will have two meaningful acronyms for conveying mirth: mere amusement and uproarious hilarity.
I was talking to my girlfriend about this topic and she said this was one of the things she liked best about me: that when we IM’d I only used LOL in truly funny moments.