We were there in early September last year. This was late in their season and was getting hot, some of the water ways and billabongs had dried up. There were fires on the property that got quite close to the homestead area but this didn't seem to concern anyone. We found Lorella to be an outback experience rather than a station experience, which suited us.
We had a great time and would go again as soon as possible (earlier in the season next time). The area arround the BBQ area is kept watered so it is nice and green, happy hour there is a good chance to meet with others and have a pleasant end to the day. The best feature is the hot spring nearby. The water temperature was perfect and a great way to spend some time. There are heaps of tracks worth exploring (about 600km I think) and the scenery was great. Some other campers went to the fishing areas and reported good catches.
The facilities are at best basic and you need to fire up the donkey water heaters yourself for hot water.
At $20 per person per night it is not cheap but is a great place that is very relaxed with heaps to do.
I would highly recommend it.