When I first started breeding rabbits I was 12. I had been around baby bunnies a lot before since my best-friend's family raised New Zealands (I think they had about 20 does...we counted a total of 79 rabbits including youngsters one day).
Anyway, for me, it was really cool to see what the babies looked like just hours after birth (I even got to WATCH one litter being born). It can be kind of stressful, though, too because some does will wait for days after their due date to kindle and you start second guessing your assessment that she was pregnant. Or, that the nestbox has been in there too long and she might decide it's a litter box instead >.<
There's also the heartbreak of having kits die--stillborns aren't uncommon--or sometimes a mom will go berserk and kill the kits or else accidentally trample them (we had one doe who killed her first three litters when they were each about a day or two old...the only litter she kept was one she had after she'd been retired to a lawn bunny and one of the bucks got loose; she had those kits under the shed so we had to catch feral babies a couple weeks later). With dwarfs, you sometimes get peanuts which are born alive but usually won't live more than a day or so (although there are documented cases of them living to a couple years with amazing care). Mini lops aren't dwarfs, though, so you wouldn't have to worry about that.
I always love seeing the smiles on people's faces when they get to come around to pet the baby bunnies (the neighbor kids especially). And their grins get bigger when they get to take one home as a pet (with a packet of care instructions and my contact info).
Sometimes, though, not all of the kits are adopted and I have to make room for that rabbit until I can find a home for it.
When you have pregnant does or young rabbits, you go through feed ridiculously fast, and the expenses stack up, to be marginally offset when the babies are sold (usually still no profit, though).
I think mini lops would sell well as pets (they're probably the first breed I'd consider for a pet for my daughter if she didn't want to make one of my larger buns a pet). I like their temperament a lot better than the dwarf breeds, and they're still cute with their lop ears and come in lots of colors.
As far as standard, do you mean conformation-wise, as in how the rabbit's look? Or do you mean standard practices like how often to breed, etc.?
I will warn you though, that starting a buck breeding at 4-5 he may not still be fertile. Some bucks are, but many aren't, especially if they've never been bred before. You can always try, but be prepared to just let him be a pet and have to adopt another buck as your stud.
