The programme's debut episode at 8.30pm enjoyed the highest ratings for a US series launch on Channel 4, pulling in 6.1m viewers or 27% share of all TV viewing.
The previous highest average rating for a US launch on Channel 4 was 4.6m for 'Desperate Housewives' in January.
However, critics were divided, dubbing it "tremendous" and a "boring piece of tripe" from The Guardian and Daily Mail respectively.
The first of 25 episodes saw the aftermath of a plane crash, leaving 48 survivors stranded on a desert island somewhere off-radar in the South Pacific with seemingly little or no chance of being rescued.
The Guardian was one of the most effusive in its praise, hailing 'Lost' "tremendous" and "a page-turner".
"A tremendous holiday yarn, a page turner with lots of lovely production poured over it. Recommended for everyone except those terrified of flying," the paper said.
The Telegraph said its ability to deliver blockbuster entertainment will make it a worthwhile series to tune into.
"While 'Lost' is nowhere near as sophisticated as 'The Sopranos' or 'Six Feet Under', any show that can deliver blockbuster levels of entertainment like this must be worth checking in for the long haul."
The paper said that the turning point was the jungle scenes in the first instalment, which had associations with 'King Kong' or 'Jurassic Park' but with a pace more like 'Jaws'.
"What we actually got was more like 'Jaws' -- in its relentless pace, brooding sense of menace and delight in scaring the pants off the audience," the broadsheet said, "'Lost' never looked back."
The Independent praised the show, but mainly for doing what homegrown UK television drama is unable to provide, big budgets and out-there storylines.
"When it comes to discreet, deadpan comedy or wildlife documentaries, British television is, we're all agreed, the best in the world; but it can never afford to serve up the sheer abundance of a programme like this, with its vast cast and attendant multiplicity of storylines, twists and bizarre reversals of fortune," the Indy said.
The Times painted a less-than flattering picture, likening the show to a "carnivorous Club Med" with all the usual unanswered questions raised in "tease TV".
"The series turns out to be the latest example of tease TV, an endless come-on that, like the 'X Files' and 'Twin Peaks', will end up raising more questions than it answers."
The Times ended its review with a harsh comment, which Channel 4 will be unlikely to repeat on its promotional posters and trailers.
"'Lost' is destined to be one of those shows that you won't feel the need to watch but hope that a friend can keep you posted."
The Daily Mail was the series' harshest critic. It said 'Lost' exudes the worst parts of US movies while missing out on the best parts of US TV drama.
"For the much-hyped series is, a badly conceived, appallingly executed, boring piece of tripe. It owes nothing to the tradition of imaginative, often brilliant American TV drama, and everything to the worst American movies ever made."
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