A very small source file in this log.
Looked at some other logs with this burner and they all seems to read discs painfully slow.
http://forum.imgburn.com/lofiversion/index.php/t9186.html
I guess there is some type of reading lock that needs to be fixed by a modified firmware. More or less what was pointed out in post #2.
Try to use MediaCodeSpeedEdit and the option with read speed increase in it.
Found this in the log for the same program.
http://ala42.cdfreaks.com/MCSE/
Just remember that the warranty will be gone with the wind if you flash with non original firmware.
Never had a LG burner myself, but I once tried it on a Pioneer and that option made the Pioneer slower than with that option not enabled. Might help on the LG however.