Before anything else, there is one thing to know about the Lomo'Instant at time of printing this article, and that is the Kickstarter offer has a special 35% discount available for backers in the first 24 hours of the offer. If you can get your pledge in before 0959 UTC (5:59am EDT), August 30th, you can choose one of the Early Bird discounted rewards that includes the phrase "Save 35%...". And yes, the Kickstarter is fully funded as of writing.
The Lomography offer includes a camera with a glass lens for sharp pictures, a folding design with a bellows, full flash control, a IR remote shutter control, automatic exposure, shutter times from 1/250 to 30 seconds and an optional portrait lens with a range of 0.5m to 0.8m (about 20" to 31") and many other goodies.
Lomography bills itself as the Lomographic Society International, "a globally-active organization dedicated to experimental, creative and analogue photography." They have had 7 Kickstarters to date. As with any Kickstarter, there is risk and product may not be delivered. That said, they offer delivery to just about anywhere in the world, with multiple delivery hubs, so that there will be no customs fees for the lucky backers in areas covered by a hub.
Disclosure: your blogger is a backer of this project at time of writing. Nothing like an offer with a deadline to loosen up the wallet - a well-known marketing tool.