Yup Niksik! To me also, it's pretty annoying to read SMS English. It takes longer to be understood because people omit more than one alphabet in a single word.
It's not because they are busy but because it saves the no. of SMSs being sent out. :D
On a serious note, at one stage even I had tried to start writing in SMS format but it caused a serious clash in the sense that I used to start writing in this very format in my official emails and wherever disscussing serious views (of official nature). So I turned back to the CORRECT ENGLISH FORMAT. Now I don't even use this SMS style in SMSs.