My initial reaction...
 

Is the English language heading for total abbreviation? Will we eventually read complete books written in text speak? I've heard kids actually say/spell out OMG. Do they also say LOL now, instead of launching into a hearty chuckle? Will shows of emotion become a thing of the past. Will stand-up comics get an audience yelling ROFL if they're good – or FFS if not.
 

Course, it's not without its problems. How many people have sent their mum a message saying LOL (love you lots) after hearing that her pet budgie has expired, only to find that their computer-savvy Mum actually uses LOL for 'laugh out loud'.
 

It's not just text speak though – acronyms are prevalent in business. “Hi CJ – TC here. Was talking about you just the other day with the MD. Need that report on the IMF ASAP.” But does TC realise that CJ probably has his own problems – a son with an ASBO maybe. Who knows WTF he's been up to?
 

It's actually one of my pet hates – the pretentious habit of calling people by their initials. And don't start me on text speak, which is much the same as teaching by use of phonetics, which may well work, but which I've never liked. Combine phonetics and text speak, and you'll surely have a generation who will grown up unable to spell. Or, more likely, not interested in spelling because everything today has to be quick. There's no time for proper English, proper spelling. This new, faster option, is just GR8.
NEway, it's L8. BFN. Cya L8er.