Very interesting thread. A bit of apparent speculation, cult-like belief, and 'blind leading the blind' in spots, it seems.
Disclaimer: I don't have/use LAST yet, but plan to. I do have some records that were treated with it, and have compared them with untreated ones. They do seem quieter, without any loss of detail or other negative effect. On the contrary, they tend to sound a bit better, but I assume that lower noise = greater impression of clarity, rather than any actual improvement in detail. The other possible explanation is less wear on the record, making it sound "newer". Either way, it's a good thing.
LAST is a fundamentally different approach from things like Gruv-glide (sp?). According to the claims made for it, it causes a permanent chemical (atomic/molecular) change in the outer layers of the vinyl itself. It doesn't ADD a layer of anything; it ALTERS the top layer(s) of vinyl, including the surface that the stylus contacts. You can (and probably should) thoroughly re-clean your LP a while after applying the LAST, removing any excess traces of it, and the change in the vinyl should remain, and should be virtually permanent after one application, even through repeated cleanings.
The other products ADD a layer of something, to act as a lubricant, making them much less desirable or effective, IMO.
What I have reservations about is the Stylast. It seems to me more like the other products; after all, it doesn't alter a diamond; it just adds a coating. Yes, perhaps it lubricates, but won't it also attract every bit of dust not only from the groove, but also from the air, etc...?
So I can see the benefit of LAST, but Stylast? I'm not quite convinced enough to try it, although I don't doubt the word of those who have used it. The idea of having visible stuff build up on the stylus so fast, requiring more frequent cleanings, bothers me. But LAST for the vinyl itself? The stuff is good, I'm convinced.