The error you get out is of the order of the sampling error you put in. That's true of all lenses.
Information is lost when a ray strikes somewhere it shouldn't. Things get blurred and cannot be recovered. You can't fix this with software.
Can't you? If you're dealing with known hardware, then you can apply a deconvolution. Blurring can literally be undone, people do it all the time. It's harder when you have to estimate the kernel, but much easier when you already know the lens's exact properties. Also when you apply it directly to RAW data.
So not exactly sure which information you're referring to you when say information is being lost?
Sure artifacts can be introduced from noise, etc., but that's all just tradeoffs. If a simpler lens is letting in more light, or you put money towards the sensor rather than the lens, the end result may well be better, no?
And there's a variety of sharpening tools that claim to do this! DxO is a company that sells a raw processor for precisely this purpose. People still buy better lenses.
Secondly, we already do correct distortion and chromatic aberration in software, but this doesn't really make up for loss of resolution that you can't fix. Information is being lost.