The LG Optimus V, like all other Android powered smartphones, comes with Android Market. This means that it has access to thousands upon thousands of different applications. Though the LG Optimus V does only come with a 600 MHz processor, it is still powerful enough to run most applications and games. One thing to remember is that the LG Optimus V does not have Flash support even though it is Android 2.2. That is a limitation caused by the hardware.
While the LG Optimus U supports hotspot capability, the LG Optimus V does not. It does have access to the 3G network through EV-DO Rev., however, unlike its brethren, does not have the capability to share that network. It's a bit of a disappointment, but for a cheap, entry level smartphone, it's to be expected. The fact that the other LG Optimus phones have that capability is more of a surprise than the norm, but the fact that the LG Optimus V has that capability taken out is still a sad fact.
The LG Optimus V packs a 3.2 megapixel camera, with no LED flash. It's not the most capable of cameras on a smartphone, but for a cheap smartphone like the Optimus V, the camera does its job. It won't be a digital camera replacement by any means, but if you're in a tight situation and need a camera on the spot, the LG Optimus V does the job. It also does video recording in VGA, QVGA, or QCIF, no HD recording on this cheap smartphone.