LOST will forever and always have it's detractors and devotees, and the strongest opinions are focused on the polarizing finale. When you ask if you should watch it the replies you get will always be mixed, which might not help you with an answer. And knowing criticisms or having expectations of nearly any show beforehand may alter your watching experience negatively even if it's a great show otherwise. Sometimes it's better to just watch one episode and gauge for yourself.
That being said, it was one of the most popular shows of it's time and, despite its faults, still has shows trying to be the next LOST.
What you might want to know before watching it is that it arguably has one of the best pilot episodes and after watching you'll probably be inclined to continue watching because early on the show works very well at pulling you in. It's a great show to binge watch- while you will miss out on the contemporary social experience of the show- you won't have to wait a whole week to agonize over the mysteries. There is great character development; you will change how you feel about certain characters greatly over time. Many of them for the most part feel like real characters that all for the most part have moments of humor and drama. The show can be frustrating and confusing at times, and there is no secret that there are plot holes and things that will never make sense. I'm not going to tell you anything else specific- but NO they are not in limbo.
If you like TV and want a new show to binge, LOST is a good choice. It's tense, funny, sad, confusing, mysterious, and emotional. It's not perfect at all- if it was on TV today (so-called peak tv) and had the budget, no writer's strike and a planned ending- it would probably be a near-perfect show- but it is what it was, and if you end up giving it a chance I think you'll at least 'fall in love' so to speak with at least some of the characters if not with the writing.
Watch a few episodes and decide if you want to keep going. If I looked up beforehand every show I've already watched and read about the criticism it got online, I probably wouldn't have watched them at all.