I gave it a 9.
Of course there are phones that are way better, but they cost 5 times more than the GT540. You can get it for ~100€, and for that price the phone is awesome and extremely fast.
Low memory problems can be solved with App2SD. The resistive touchscreen is very responsive, and actually I don't see the need for multitouch or pinch-to-zoom or whatever. Even it it would be a feature, I wouldn't use it.
A bad thing is that there's almost no support from LG regarding updates. But therefore the Russians are doing a GREAT job!
ROM: Oxygen 2.3.2