Yes, there are a lot of Lorem Ipsum generators already. Even when we started with this one in 2009. But all others lack features, or are too limited. Here's what Loripsum.net has to offer:

API
Loripsum.net has an API to generate placeholder text to insert it in whatever software/webapp you want. See below for details.
Customization
Most generators only output some paragraphs of about the same length. Sometimes you need lists, headings, long paragraphs, etc. The website/magazine that you're designing probably isn't going to be filled with happy uniform paragraphs, so your placeholder text should reflect that.
Different text, all the time
Most generators output the same results every time you request some text. Loripsum.net uses the full text of Cicero's "De finibus bonorum et malorum" to make sure you get a different placeholder text every single time.