Is this the last season of Lost?
 

I heard they now have a definite number of how many seasons they will do, and was wondering if this, the 4th, will be the last one? If so, when do you guys suspect it will out on dvd?

No, there are 48 episodes left (three 16 episode seasons). Now, this season is a bit of an unknown b/c they only finished half of those 16 before the WGA strike. Supposedly the end of the the last episode filmed was at a mini-break stopping point. Maybe that means we'll get 24 next year if/when the strike is resolved.

Yeah - I believe it was originally only supposed to be 5-6 seasons. Who knows what'll happen with the strike now...

Yeah we just squeaked by the half-way point.

so should I wait til season 4 is out on dvd before watching seasons 1-3? Or should I just go ahead and watch seasons 1-3 now?

No. Start watching from the beginning now. In fact you may be able to record the small run they have in the can now (8 episodes) and be caught up by the next run of new episodes (likely Jan '08).