Apparently a running theme in Innistrad & Dark Ascension, next goofy green enchantment in a long line of goofy green enchantments continues:
This card could have had a converted mana cost of one green mana and it wouldn't have been overpowered. As static protection for yourself and your planeswalkers, Lost in the Woods is barely playable. Maybe I'm wrong on this since "removing a creature from combat" at a key moment in the game may be the difference between victory and defeat, but I don't think so. It's expensive, clunky, and for the most part, it's effect is random.
It seems obvious to me that the key to featuring Lost in the Woods in a deck is to remove the randomness. This is by design. After all, if Wizards wanted Lost in the Woods' effect to be completely random, the effect would force you to shuffle your deck before revealing the top card of your library (i.e. Mind's Desire). I'm always a fan of blue/green decks that run both Brainstorm and Sylvan Library, so I would start there. But these cards help to ensure a forest is the top card of your library... but what happens when it's not?
Even if Lost in the Woods "fails," you still get information. Since you only put the revealed card on the bottom of your library if it's a forest, if it's not a forest, the revealed card now becomes an additional resource. You can take advantage of this resource with many cards ranging from Delver of Secrets to Bloodbraid Elf to Erratic Explosion.
I still think Lost in the Woods is a terribly over costed card, but it does have a fun effect on the game and it opens up some odd deck design options.
EDIT! Upon further inspection, it looks like you put the revealed card at the bottom of your library regardless if it's a forest or not. You could still get maximum value out of it with Brainstorm and Sylvan Library, but forget about using the top card of your library as an additional resource. How embarrassing.