Think about it like this, there is a triangle of archetypes in fighting games. Zoners, Rushdown, and Grapplers. Lobo IMO is a hybrid of Rushdown and Grappling. NRS thought it would be cool to make him an heavily OKI oriented character and that's fine I enjoy the play style. But the way he is now, it's his greatest strength but greatest weakness at the same time. A double edged sword if you will. Any smart player will constantly block low against Lobo because the Mister Machete combo has way to slow of a start up and his 21 blockstring cancelled into Czar toss is hard enough to get the opportunity to attempt.
Scenario 1, Lobo against Rushdown: Play a good Doomsday and Flash and you'll see the clear weaknesses Lobo has against these characters. He's simply to slow to be able to react and mix-up a GOOD player of these characters.
Scenario 2, Lobo against Zoners. If you've played a good BA, Superman, Raven, GL, especially HAWKGIRL, you'll see where I'm going with this, these players have all the tools necessary to completely shutdown Lobo's oki game. As a Lobo main you're FORCED to play by their rules or you'll get bodied.
He needs serious answers to these match-ups if he's to be a tourney viable character capable of winning a major.
(P.S. For the love of God give us an answer to Superman's trait, armor breaking against Lobo means he's forced to push block or subject himself to F23xxBreath loops.)