Lol. I haven't scripted with it myself before, but I've looked it over.
It's a normal scripting language (not tags like XHML) allows functions/methods, classes, code comments, etc...
http://lua-users.org/wiki/ClassesAndMethodsExample
I think it's more unfortunate than "too late in the game" for lua to just be implemented now. As in, it would have been awesome to see this sooner. No complaints though. Looking forward to any more info on this going into development status.