I'm a big fan of LG's products, there's a stylish electric washer / dryer combo in my kitchen (it was good looking enough to leave out in the open) and I've always been a big fan of their Art Cool AC units. They made decent cell phones (durable from my experience with one on Verizon's network) and from what I've read, they have some really innovative appliances back in Korea and India (separate compartment for the kimchee, brilliant).
From Lucky Goldstar to Life's Good, what LG stands for literally might have to change. They've already decided to downplay the Life's Good tagline in their latest campaign, but why make it temporary? I think this is a good opportunity for them to dump it altogether and go with a new direction. Give them credit for being on the ball though, guess it was already worked into the campaign planning a month or two ago to downplay the tagline in light of the economic conditions.
I can't think of any decent tagline with the initials LG, maybe 'Living Green' if they decide to go in that direction with their products, but why limit it to the LG acronym in order to tie into the LG name?