When I read about it first, I didn't believe about it (though I REALLY wanted to). However it did bring into my mind my own habits about dreaming. I, right from a young age, was in the habit of dreaming of an end-result; proper vivid visions of the event happening and all its consequences (you know, people praising after getting something done etc ;p). So to an extent it made sense that yea perhaps LOA really works. But then I consciously started applying it on things, and to be honest I didn't really like the results, maybe I wasn't consistent, maybe I doubted it too much or maybe it was bullshit.
However now I have started believing in a modified form of it. There can also be a scientific explanation for this (as well as the "you don't have to put an effort" part). So here's what might be a "scientific" explanation:
There have been claims of multiple studies in which visualization has helped improve performance almost as much as actual practice. I haven't been able to find the source of that famous basketball study in which imagining shooting throws (visualizing perfect throws all the time) resulted in 23% improvement as compared to 24% from actual practice. Then there was another study (Clark LV. Effect of mental practice on the development of a certain motor skill. Research Quarterly, v31 n4 (Dec 1960):560-569.).
"The brain does not distinguish between what is real and what is vividly imagined. This allows us to condition our minds with the purposeful use of daydreaming. We can actually create experiences (as though they were real) that were not there before."
There is a part of our brains called the Reticular Formation. It is a marble sized piece of "grey matter" that is responsible for filtering the massive amount of sensory input that we receive every second of our existence. It has a way of bringing to our awareness only that part which we deem important. It is a gift that we usually take for granted. If it weren't for this part of our brain, we would be aware of the gazillions of inputs that we're receiving all the time.
However when we condition ourselves to some beliefs, we are tuned in to those beliefs and may skip out other inputs. For example:
http://www.youtube.com/watch?v=vJG698U2Mvo
Its like an antenna. Sometimes when you read magazines or newspapers certain articles pop out at you. And some don't pop out at all. Those that pop out at you are those that grab your antenna. The others are ignored by your antenna. You can use visualizations, and "dreaming" about your goal to tune your antenna into the things that will help you get to your goal. There are thousands of opportunities all around us that may take us to our goal but our antenna doesn't pick those up. By dreaming about it, you can create an ultra awareness to see things that were right in front of you that you didn't notice. If you have seen Prison Break you might know that Michael Scofield had "low latent inhibition, a condition in which his brain is more open to incoming stimuli in the surrounding environment. As a result of this condition, he is unable to block out periphery information and instead processes every aspect and detail of any given stimulus... which makes him a creative genius" - Wikipedia. Only, in our case we're conditioning our mind to focus on everything that may help us reach our goal.
Now talking about making an "effort". What I believe is, you cannot just dream about something all day long and after a few days expect it to fall on you. Nope. However, I do believe that we have beliefs about the amount of effort we need to put in to get a particular something. Now when you start the dreaming process, you become more open to the possibilities you have. And it may happen that you find easier ways of getting to the same goal, in which case you don't put as much effort. Heck, the effort required might be so small that you wouldn't even call it an effort. Or you might start enjoying the "effort" so much that it ceases to be an "effort".
That's what I have started believing, I have yet to properly utilize it :)
Reference: The Palace of Possibilities by Gary Craig
This answer actually made me change my mind abt LOA, I have read about Reticular Formation but never thought the way you did so thumps up for that. I mean I never related it to LOA. Well, I'm going to try LOA this time keeping the "focusing" part in mind, let's see what happens : )
P.S: I took 15 mints to read and understand this answer lol.