The Lost Lands are, I think, the first addition of new land UO got after it came out.

In Felucca, they are like the dungeons there; as in, you cannot recall in or out. you have to get to one of several passages that will let you travel in or out. There are Champ Spawns in several different locations in the Lost Lands Fel as well...

In Tram they are just like any other landmass, you can mark runes, recall/gate in and out, etc. There are quite a few unique locations there like the Ophidian place, City of the Dead, etc.

Papua and Delucia are the 2 towns in the Lost Lands. They have banks, tailors, smiths, etc.

The link below is a map with several locations marked and descriptions of them, etc.

http://uo.stratics.com/content/t2a/t2aplaces.shtml