I've been flying an LS-4 for the past two years. Everything said about
it in this forum is true -- it's a great first glider, responsive,
forgiving, with excellent thermalling and Xcountry qualities.

There's also a very good owners forum on Yahoo with lots of people
offering helpful advice:
http://sports.groups.yahoo.com/group/LS-gliders/

Negative points:

Surface: Mine has some gelcoat degrading near the wing roots but I
very much doubt if it affects performance much at all. I briefly
considered refinishing (expensive) but then decided to live with it.

Wheel brake: Admittedly not great, but there are ways to deal with it.
Search for the brake discussion in the Yahoo forum.

Tail wheel: A much more annoying problem in my estimation. In American
versions of the LS-4, a wheel the size of an in-line skate wheel is
mounted on a rubberized skid. DON'T ATTEMPT TO PUSH THE GLIDER
BACKWARD WITHOUT THE TAIL DOLLY. The skate wheel will swivvel sideways
causing all kinds of problems, the most serious of which is that the
glider may run off the runway on tow unless the tail wheel is lined up
carefully. I finally replaced the skate wheel with a decent sized tail
wheel, and all the problems disappeared.

Main wheel gas strut: When the gear is extended, it's locked in place
by a gas strut. These struts weaken after a few years of use and must
be replaced. Otherwise the gear may collapse on landing or (as mine
did) on takeoff. By all means make this your first maintenance check
if you buy an LS-4. The replacement strut is not particularly
expensive, and it's a hellofalot cheaper than a belly job. Again,
check the Yahoo forum for advice.

Please don't be put off by these negative points. Every glider has its
defects, but the LS-4 is a glider to love.