As a person who saw every single episode of it, the good and the bad I can sincerely say it was worthy it.
Lost is something more than just a story, episode after episode. Writers created a wholesome, mysterious world were anything and everything was unpredictable, keeping us, the viewers, on their toes, week after week.
That approach to the making of the series, keeping explanations to the minimum for the sake of mysterious and unique story, although in my personal belief was great, it had its drawbacks.
The biggest problem with Lost is the accusation of "making it up on the spot". It is not 100% inaccurate and the critics have the point. What many don't realize that Lost as a TV show had unpredictable future. Writers were never sure when the show will end. Season two or season four...
So yes, that is true that writers were making stuff up as they went along and that, because of the format of the show, it was more visible than with other shows but they did try to have overarching storyline, full of hints and mystery.
The secondary problem I saw with the show being pointed out is that it was simply confusing. I completely agree with this point but I loved it. Lost was not like any other series out there sort of 4400 (which did fail big time). I don't feel like we needed explanation for everything, for everything to be laid on the blanket. That mystery, that confusion was what made Lost great in my opinion.
To finish it up, you made a big mistake by giving up so quickly mate. I do recommend trying again, trying to look at the bigger picture, at the world created by the writers, at who the characters were, what they represented. Watch it slowly, sometimes rewatching the episodes who made no sense at first. If you manage to see the whole picture of what Lost is, then you will probably see how amazing that show was and why like so many people enjoyed it greatly.