Maybe OMGs and LOLs are not the worst thing that has happened to language. Maybe the ubiquitous and uncreative “so this happened” or simply "this" captions to equally uncreative and ubiquitous snapshots of such ordinary activities as eating a sandwich are not a threat to communication. It’s possible that having given everyone a voice and a channel in which to broadcast this voice is a good thing. Before I go any further, let me state that I claim no expertise in this subject; I am but an interested observer, and this is but a conversation starter.
English is a dynamic language; this is one of the reasons it is so widely spoken. Why should its evolution stop now? Many before us have grieved for the written and spoken word, but others have managed to work through that. It is a natural cycle that comes with the introduction of new trends, and language trends are not different. Text messages devoid of punctuation and peppered with abbreviated jargon and acronyms are not a mark of the decline of language; they show progress. With or without good reason, people feel like they have little time to spell out entire sentiments. Sure, you may need a dictionary to decipher what some of these messages communicate (I recommend UrbanDictionary), but you might benefit from these new findings when you yourself are pressed for time.
You might exclaim "But this isn't even English anymore." And in response, I would introduce you to the benefits of speaking a second language. Most importantly, this is the language that our children speak (and maybe some of our colleagues too). Secondly, speaking a second language affords us twice the opportunities that speaking one language does! Okay, okay—it does not quite work that way, but NPR recently reported that in addition to increased cognitive ability and Alzheimer's disease prevention, speaking a second language can enhance our perception of the world. It does this by providing us with additional tools with which we can analyze our surroundings, thereby bettering our understanding of, and engagement with, the world around us.
That world offers incredibly rich and beautiful literature. And today's young writers are just as capable and talented as the writers of yesteryear. It is important, however, to make the distinction between spoken and written English. Linguist John McWhorter argues that humans have always spoken in a manner that was distinguishably different from the one with which they've written. The difference today is that technology has allowed us to keep up with the pace of speech, not only in composition, but in reception as well. This suggests that language is not as affected as the Lamenting Lennies and Negative Nellies will have you believe, but that we're simply more exposed to spoken language than ever before due to technological advances.
With all that said, you will never find me LOLing, OMGing, or punchlining with a rhetorical "Really??" but that's only because of what I've gotten myself used to. My texts are unnecessarily long and punctuated (a step short of being signed). Maybe it's my desire to see the years I've spent learning this language be put to good use. Or maybe it's the false sense of superiority I get when I write a properly formatted message. Whatever the case, I would be remiss to discourage anyone from connecting with others in any form. After all, what is language if not a tool for communication?