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The Emmy-winning adventure series will run for 48 more episodes over three seasons. Each season will consist of 16 episodes, which will air uninterrupted.
"Due to the unique nature of 'Lost,' we knew it would require an end date to keep the integrity and strength of the show consistent throughout and to give the audience the payoff they deserve," ABC Entertainment president Stephen McPherson said.
Lindelof said having the end point in sight was "incredibly liberating. Like we've been running a marathon and we actually know where the finish line is for the first time."
http://www.cnn.com/2007/SHOWBIZ/TV/05/07/television.lost.reut/index.html
I thought that 5 seasons would be a good point to end the series, but the 3 more seasons of 16 episodes is roughly the same number of episodes as 2 more season with 23. So it's all good.
I'm glad Lost won't be ruined by watering the story to make the show drag on forever.