Spec-wise, it has much in common with the Optimus One, carrying the same 600MHz processor and an 81mm (3.2-inch), 320x480-pixel, HVGA, capacitive touchscreen. It does have an improved 5-megapixel camera (the Optimus One has only 3 megapixels), but it offers a less powerful battery.
The One and Chic do indeed look different to each other when it comes to styling, and in the end, it might simply be a matter of preference. With such similar specifications, they probably won't work too differently under an LG user interface.
The Chic does have one important feature over the Optimus One, and that is the ability to remotely control it from your PC. Air Sync can keep you up to date by wirelessly syncing contacts, photos and other information using the cloud. It's also compatible with DLNA, which means it can share content with other DLNA devices like TVs and laptops.
The release of the Optimus One and the Optimus Chic is the beginning of a comeback of sorts for LG, which has been slow off the mark in terms of taking advantage of Android. There was the LG540, but that was slightly disappointing. The Korean firm is definitely trying to make up for it, with powerful new Android and Windows Phone 7 devices sporting new processors in the works. It also has an Android tablet in the pipeline.
Since their specs are less impressive, the Optimus One and Chic should be cheap compared to high-end phones like the N8, iPhone 4, BlackBerry Torch and a new version of the HTC Desire that launches tomorrow. LG's partnership with Nvidia could soon result in some higher-end smart phones that have the specs to turn heads. We shall wait and see.