CoAP or Constrained Application Protocol for IoT/M2M is being defined by the IETF is on top of UDP. One of the reasons is UDP's simplicity thereby making it easy to implement on microcontrollers. I guess there should be more love for UDP coming.
Once that standardization happens, the OMA LWM2M spec is going to need some revisions, because it's very much written with "CoAP over UDP" in mind. This will ultimately be very good, because it will allow the possibility of other protocols like MQTT, HTTP, etc.