I take it to mean two things. One of the obvious ones is that it means unimpressed. The other that the poster finds the post humorous.

Congratulations! You've been promoted to Level 3.
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You received 25 LOLs. You're posting some good content. Great! +5 points
Censorious wrote: »The obvious to me - is that you find the post humorous.
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If you think the obvious is that you find it laughable, that's a culture gap no-one is ever going to span.
HandofBane wrote: »While it may be intended as a more "positive" usage, I freely admit to occasionally using it on people who post something so bad I question their ability to change their own underwear in the morning.
Yea, I have seen a lot of LoL's for bad posts. Which really sucks for me as generally I try to be fun in my posts and receive more LoL's than anything really.
I have a whopping 3 Insightful's and Awesomes .... which leads me to believe that I am not an inspired writer.
This "LOL" flag is as pointless as is the whole LOL phrase now. Firstly, as everyone knows it was Laughing Out Loud, but then some moron called other guy a "lol" and then lemmings started copying it - and that is absolutely misguided usage of it.
- Also using "lol" as a negative comment is pointless, as it does not carry any message of agree/disagree value on it's own. Even "lol noob" is more informative.
It was also used in smaller instances as Lots of Love. This meaning died and it's nonexistant at the moment.
Why remove downranking a comment and replace it with this "lol" nonsense. They would need to split it to "Funny/Entertaining" and "Ridiculous".
But then, today's modus operandi is to make everyone safe, happy and "accepted" even cheaters, botters, morons, trolls. That's why we had "disagree" removed.

This "LOL" flag is as pointless as is the whole LOL phrase now. Firstly, as everyone knows it was Laughing Out Loud, but then some moron called other guy a "lol" and then lemmings started copying it - and that is absolutely misguided usage of it.
- Also using "lol" as a negative comment is pointless, as it does not carry any message of agree/disagree value on it's own. Even "lol noob" is more informative.
It was also used in smaller instances as Lots of Love. This meaning died and it's nonexistant at the moment.
Why remove downranking a comment and replace it with this "lol" nonsense. They would need to split it to "Funny/Entertaining" and "Ridiculous".
But then, today's modus operandi is to make everyone safe, happy and "accepted" even cheaters, botters, morons, trolls. That's why we had "disagree" removed.