In North America, milk glass is commonly thought of as the pressed glass pieces made by many of the companies in the 20th Century. In Italy, lattimo is a staple of some of the better furnaces. I've read the two have the same basic chemistry, but the handling of the glass makes the difference. Some of the finest Murano glass was made using lattimo and gold by the masters of the Barovier companies, Barbini, and Fratelli Toso. Definitely not junk glass.
I would love to read more about the chemistry of milk glass and if it the same as lattimo. So much of what I read is off of the internet, so it is not refereed, so may not be correct. We have a couple of glass chemistry experts on the group, so maybe someone can say more definitely than I can.
I do want to add that I find most glass is made beautiful with the proper handling. Some of the prettiest vases I have seen are Bristol glass. The glass itself may be light and inexpensive, but in the hands of the right decorators, the glass turns into a canvas for beautiful landscapes.