Anon, dear Lulz, Anon

It has been somewhat amusing watching all the hubbub develop between LulSec, Anonymous, and the various groups they're going after/groups that are after them.

A hilarious attempt at journalism by The Sun, covering the arrest of the "mastermind" behind LulSec.
and
LulSec & Anonymous make the FBI most wanted list.

As a previous participant of the realm from which they were both hatched (myself being a retired "oldfag /b/tard" from 4chan), I guess I'm lucky enough to appreciate the humor behind the attacks (for the lulz, man).
But I can also appreciate the (hopeful) ultimate goal of these groups.

Originally, Anonymous was nothing more than the moniker of anyone who posted oncertain image boards. It was not a group, so much as a way of behavior (see: John Gabriel's Greater Internet Fuckwad Theory).

Obviously, this "act like an asshole without having the deal with the consequences" internet lifestyle appealed to a great many people, and thus, the in-joke that it was actually a secret club was born. Eventually, the joke was propagated enough that it became reality when people began to claim affiliation to Anonymous.
It became the "cool thing" online in certain circles, a Tyler Durden's Internet Fight Club for the 1337.

In fact, Fight Club could be said to be the spiritual predecessor to the current state of Anonymous.
What started out as fun and games, suddenly decided to get serious.
Groups of "Anons" began to get together to plan "raids" or "invasions" of other websites. At first it was all "for the lulz", but soon, the participants realized, working together, they actually had some significant online muscle. Those more "noble" of the Anons proposed that they use their powers for "good" (or, fighting what they considered "evil"). 
Essentially, they decided to emulate the beginnings of Project Mayhem.

And that's when the first great schism occurred.
The "newfag" Anons wanted to go off and create this better world, and the "oldfags" wanted to continue business as usual and watch the world burn.
Those Anons that decided to dedicate themselves to the fight are the ones we've seen on the news, taking on Scientology and defending Wikileaks.
The Anons we DON'T see working in the shadows were the ones to REALLY be wary of.
... that is, until they decided to come OUT of the shadows.

Enter, LulSec.

Frankly, if they can move on from petty website info snatch'n'grabs and on to more worthwhile attacks, THEN I will be interested (anything that brings us closer to Project Mayhem's ultimate goal is A-OK BY ME!). 
But as for the moment, they seem to be content with their lulz making.
*shrug*

TL;DR
Anonymous is the first "internet superconscious".
They are simultaneously everyone and no one.
LulzSec is just an extension of that fact.
Even if you were to cut off an appendage, the body as a whole will still be able to continue without them.
Think of them as an internet hydra, with trolls for heads.
... good luck trying to take that down.