Toro Y Moi is quite good live too, I don't know why you're rubbishing him. And I've heard M83 is a bit poor live ... in fact, I'm not sure I've seen many good reviews of his sets.
I'm really tossing between sticking to one stage (which has a great run of Cults, Yuck, Toro Y Moi, and Washed Out to headline), or giving up a good spot to bolt over to the main stage for The Horrors instead of Toro Y Moi and/or M83 instead of Washed Out. I've got tickets already to the Washed Out/Toro Y Moi sideshow, solely because of Washed Out's awesomeness (to me, Toro Y Moi has been consistently incapable of writing anything as good as Blessa/Minors again), but Charlotte can't go to that so she wants to see them at Laneway. Not sure I want to give up a good spot and go solo to fight the crowds for M83 and The Horrors, bands who I am idly interested in seeing but both who underwhelmed me with their 2011 releases.