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I watched the show last night, and enjoyed it. The holes in the plot pointed out by the previous post didn't go unnoticed, but I think Lost has a history of getting some moves right and some not-so-right. I really like the show, so I'm willing to overlook the failures to get to the better bits. I've heard that there were some changes in writing staff from the first to the second seasons. JJ Abrams who created the season left to do other things or something. It would be like if, after Book 3, JK Rowling decided to pass off Harry Potter to another writer. A story as complex as Lost (or Potter) needs that single-mindedness of one writer (or one writer who's making all the decisions) to ensure the consistency and coherence that the viewing/reading public demands.
I'm still going to watch, though! I'm holding out hope that Libby's past will intersect with the story again.