The series could have had a major story arc with the raft. It represented what the pilot episode stressed as the focal point of the show: rescue. The idea that four survivors would had the ability to build a raft, let alone sail it, across the Pacific to find rescue would have upped the ante.
It would have given the audience time and episode space to get a better understanding of an early character that was exiled from the series: Walt.
In the confined space of the raft, Walt could have been the center piece of the story. He really did not want to leave the island, because he really had nothing to go back to. His mother was dead. His adopted father abandoned him. Michael, his biological dad, gave him up when he was a child. Walt was totally alone. But, we were told he was "special."
If he was indeed special, why did Ben let him go so easily after Michael's final betrayal? Did Ben's science stations extract Walt's special qualities like draining a battery?
But the raft portion of the series was very short lived; interrupted quickly by a rescue fishing boat, with the quick twist of kidnapping Walt, shooting Sawyer and destroying the raft. It could have been a real cost saver to kill off three main characters.
But they wound up washed on shore into what some consider a filler arc of the show, the Tailies. Besides Bernard, the other 48 tail section passengers were merely red shirts - - - fodder for grisly deaths to come.
It would have been better to run a half season of raft episodes (or cutaways) than the Tailies and their back stories. The show did not need new characters, but better development of the ones we were told were important clues to unraveling the series.
The tension was there for the taking. Sawyer would have gotten on Michael's nerves. Walt would have looked to rebel against his new father's orders; so Walt would have been drawn to Sawyer's rebel attitude. That would have further inflamed the situation. The odd part of the raft was Jin's presence - - - for he would be the silent provider, fisherman. It also could be comic relief if the only English he learned was from Sawyer's verbal jabs.
It also could been an avenue to smooth over the rough edges of the Sawyer character. He could have communicated his rough childhood to Walt, so he could understand the problems he would face. It could be an older brother moment.
But the real lost opportunity was to focus on Walt. Since he had the ability to communicate (and kill) birds and possibly other animals, he could have been a magical provider of food on the long voyage. Or he could have contacted the Dharma sharks for assistance. Since at this time we had no idea about Jacob and why visitors were brought to the island, Walt's abilities would have been critical clues into the island's purpose.
There could have been several paths this long raft arc could have taken. One, the raft could have met a horrible fate in the open seas. A storm could have crushed the small vessel. The heat could have boiled the men to madness, conflict and death. Two, the raft could have made it to another island, where a) they could have found native people who (i) greeted them warmly or (ii) captured them for cannibal sacrifices; or b) been rescued by a container ship heading towards America. Then their story of survival would have made the O6 story arc pale in comparison. It could also set off a rich man's war to find the island between Sun's father and Widmore. It would have been an expensive America's Cup race to find the island, which could have brought in the mysterious Eloise to manipulate both sides to her own game of betrayal.
So, the raft island escape was a missed opportunity for deep story development and character spotlights.