Don't want to speak for Nick, but the reason I used a Lensmate on my G2 was so I could use a lens hood, which we all know will improve the performance of a lens under any lighting condition.
Used a collapsable rubber hood that was cut down to eliminate vignetting at WA and also for using a UV in ugly conditions. With a slip-on cap and the hood collapsed, it it wasn't that much bulkier. The Lensmate was a nicely made piece and I'm glad to see they're still around.
The G2 produced lovely images.
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It's for similar reasons that I have the Lensmate permanently installed on my G7.
I've actually found that the Lensmate and an old (read "chunky") step-up ring I have are normally enough to act as a decent hood in most situations, and the step-up ring lets me use my trusty Nikon polarizer.
I've also taken to putting a skylight filter on it to protect the zoom from bits of grit when I'm anticipating shooting in dusty situations, since that is definitely the most vulnerable part of the camera.
All of that, AND it vastly increases the handling of the camera. I'm trading up to a G9 soon and wouldn't contemplate using it without the Lensmate.