Lolspeak to me has always been about speed not space. In IRC you want to speak faster. With SMS, or texting, the more time you take writing a message exponentially increases your frustration and urge to chuck the damn phone at someone's forehead...or so I've believe.

Leetspeak however is a cultural thing, like ebonics. I'm certain you would see more should you begin follow people who are deeper into either cultures.