I think it represented a great waste of time.
I thought the show was good for a few seasons, but then it got kind of ridiculous... As if the writers were just making stuff up every week (which I think was true).
My wife has the DVD sets and it holds my interest until around the middle of season 3 maybe.
Did they jump over a shark in that season?
The show definitely has a lot of "oh, come on!" moments.
(Like the impossible physics that lead to Charlie's destiny)
I think my favorite moments are the nicknames Sawyer gave everybody.