I played it for the first time in ages the other day and it's roughly how I remembered it. Kind of interesting from a story perspective, although even there it's a little superfluous.
Mainly, it's got some mediocre gameplay, a few truly horrendous sections involving Smokey and some of the worst voice acting and implementations of dialogue I've ever heard. Maybe BioWare has spoiled me for how dialogue should work in games but just about every NPC in the game has a bunch of random inane shit to say that doesn't forward the story in any way.
On the plus side, it all looks pretty good. And the coolest part of the game is definitely exploring The Swan and other locations that are pretty faithfully recreated. They also found a pretty interesting way to incorporate flashbacks into the gameplay, even if the execution is sometimes less than inspired.
So yeah, if you can pick it up cheap or rent it, it's a game that any true Lost fan should play once, but you're not going to want to play it much beyond the relatively short time (~8 hours) you're going to spend beating it.