I have fond memories of Lobo. As an eleven year old kid who's mom wouldn't allow horror films in the house, Lobo secretly offered me a lot of over the top, subversive violence I wouldn't have received otherwise. People are totally right to slag the character, though.
DC has been messing with the guy for a while, trying to offer an appealing version of him to nostalgic readers while also making sure he doesn't overstep their erratic taste boundaries, ending up with a wimpy blowhard as a result. I believe they even turned him into a kid at one point.
Now they've turned him into a hottie, some kind of skinny Abe Sapien-looking guy with a gun that has his trademark hook somehow grafted into its handle. I'm not sure who this iteration of the character appeals to, but I like it roughly the same way I like it when Christians rap.
I guess the classic Lobo has already appeared in the New 52 thing, but he was just an impostor. Now this new one is going to track him down and fuck him to death for taking his name. On the other hand, this could all be a ruse designed to raise fanboy ire only to reveal Twi-lobo as the impostor and thus make old Lobo appealing again by comparison. There's also a theory that this new design could be satirizing the overwhelmingly sleek and sexy look DC seems to be going for with the New 52, which would actually be in keeping with the character's original purpose. So don't bring out your sickles just yet.