The origin of the term may be a classic novel, but in practice fans of this sort of material tend to be far from classy themselves. It's also a thorn in the side of those who try to promote anime, as a single story about "school girl fetishes" in the media can move the acceptance of the media back by a shocking amount. Partly because there is a widespread suspicion in those outside anime that under-dressed and under-aged girls are the primary selling point of anime. Like all human elements it also spans a substantial range. At the light end it basically translates into a fascination with the innocence and energy of youth, which does include the emergence of sexual identity. This is balanced against the other end of the scale which is firmly in the hentai camp. As such it is very difficult to draw a firm line between tastefull and tasteless, something the anime creators can be extremely skilled in navigating. However use of the word lolicon is an indication the material has gone too far and is probably overtly, even if not explicitly, erotic. There's also a connection with androids, monsters and aliens. These non-human beings are perfectly capable of having the bodies of young girls but can't be expected to confirm to earthly morality. This provides a neat excuse for pandering to lolicon interests. After all they may be thousands of years old and just playing at being cute little girls. It might even be for the purposes of entrapment, which acts as another sort of moral excuse. Like all other things in anime, and within the bounds of anime, it's basically a matter of choice as to how one judges and responds to things. The only important thing is that if you are on the more hentai side of things then please keep it to yourself and fellow fans.