Thoughts on Lore:
The Good: When Riot puts effort into lore, it is some of the best lore out there. They are capable of creating world's that you want to be drawn into. Take a look at the new Bilgewater story line. You learn about how cunning TF is, how bent on revenge Graves is, and how bloodthristy GP is (seriously, before this he seemed like a pirate from an Icelandic kids' show). It's some seriously good shit.
The Bad: The biggest problem with lore is that Riot doesn't seem produce a lot of it. There are videos and stuff that let us get a feel for the champion, but we don't get to really know them. For an example, we know that Ekko is some sort of time travelling guy who fights corruption in Zaun, but we don't know who he actually is. Another issue with lore is that oftentimes, it seems like placeholder lore is made and forgotten about. See Skarner for an example.
The Ugly: Currently, the only lore easily accessible is in the form of written Bios. The Shadow Islands, Freljord, and Shurima events are now incredibly hard to find on the LoL website. Furthermore, these events are nowhere near any other lore, making it hard to follow the story. Instead of the current presentation of lore should be redone so it is all in the same place.
Edit 1: Fixed some bad writing.