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I loved that series.  It was one that could be read the way it was published (or the other way around) - both approaches made total sense.  The only problem with it - and probably why I would classify it as "an imaginary story" - was that the hard timelines make it difficult to put into the marvel timeline, as our heroes and marvel characters are actually aging at a much slower rate (if at all).  

Making it "an imaginary story" much like the Batman Superman Generations tales makes sense as the timeline evolves on its own terms.  Now, keep in mind that John and Roger Stern never defined the story as such.  I'm just looking at this in hindsight.

Collected John Byrne - set of one! Collect him all! ;)

Phil K. - Hard timelines? I don't remember too many specific dates in Lost Generation... the Apollo 9 launch, the assassination of JFK... did I miss others? I thought that, while there were eras specified, no actual dates were cited. But I could be wrong.