Lamma has largely lost the "hippy" tag since the 1997 handover with backpackers no longer being allowed to do the types of jobs necessary to fund a hippy lifestyle & the big construction projects, (the airport & convention centre) are finished.
Foreign residents on Lamma nowadays are more likely to work for a multinational in an office in Central rather than behind a bar in Wanchai. There is the odd relic of Lammas past such as "Nick the bookman" who sells second hand paperbacks on the street but he is the exception now rather than the rule.
Despite Gatts opinion I think there are very few people who either want to or can hang out in bars all day, apart from the weekend when the island is crowded, (especially in the summer) Lamma can be positively sleepy, many businesses rarely open during the week but this can still be the best time to visit as the beaches, (Lamma has a couple of great beaches) are quiet.
IMO Lamma is still one of the nicest places to visit in Hong Kong