I have been roped into this Lost phenomenon myself, much to my own flabbergasticiousness.
I've not been much a one for tv shows other than Twin Peaks. But I started watching Season 1 with Phillip around Thanksgiving and I've already been through all three seasons, lol.
Not sure if I'm going to bother trying to catch the episodes on tv, though, I'm not very good at catching scheduled shows...I may wait until it comes out on dvd.