I agree with the article by Mark McElroy “Do LCAs Measure Up To Sustainability?” He says they do not, because they are too narrowly focused on eco-efficiency only and ignore context.
As I've blogged before, sustainability should be about how we do what we do and not a collation of LCA's. At best LCA's help inform decisions as we try to understand the dynamic systems of which products and users are a part. I use the phrase "life cycle thinking" to describe how we need to recognize the potential intended and unintended consequences of our actions. Understanding contexts and consequences.
There is no such a thing as a "sustainable product" (see comments into EPA on their proposed efforts here). We each bear responsibilities as product stewards in how we manage a product throughout its life cycle - whatever our role might be.
McElroy also hits the mark that LCA's and too many "sustainability" efforts focus only on environmental issues . Probably because they are easier to measure than social and economic impacts.