What's the point of the OED?

I'm not asking that rhetorically. And I'm not asking it as a way of segueing into some freakout about the fact that they're adding LOL and FYI and heart (as a verb) and OMG.

No, I'm asking because I'd like to know what you think.

My take? I think the OED is there to compile and explain the words that make up our language. And guess what? Heart? Gets used as a verb. Like, a lot. By me, even. I've been known to OMG on occasion, even. The others, not so much. But that doesn't mean they aren't in regular use.

I don't think the OED is trying to stay hip. And I don't think it's supposed to be a "watchdog of language". I think it's there to be a watchER of language and to make a chronicle of it.

And I heart that.