'STARTING TO GET TO YOUR LAST SHOT'

Lohan's redemption may take a while.

"I heard a studio person talking and she would have to do almost a year and a half or two years of reliable work before that reputation would go away," Schrader said.

One thing that critics and Schrader agree on is that Lohan still has talent, and if her nimble performance on "Chelsea Lately" is any indication, the actress has a bright future, said Mark Pasetsky, a celebrity branding expert and former editor of OK! magazine.

"I think it's that type of performance that will put her back into good graces with fans and the industry," said Pasetsky, who heads the public relations firm Mark Allen & Co. "She was smart, she was self-deprecating, she was quick."

But an additional hurdle Lohan faces to a Hollywood ending is her gender, Schrader said. Women in the industry have it tougher than men and he points to how Robert Downey Jr. was able to bounce back from substance abuse and rehab to become one of the top earners in Hollywood.

"She's 27 now, and as an actress, you're starting to get to your last shot," he said.

Although Mayer believes that an emotional performance by Lohan with Winfrey is no longer the sure image boost that it once was, Pasetsky said it is still good to have the media mogul and tastemaker in your corner.

"Everybody is rooting for her (Lohan) to have a comeback," Pasetsky said. "This is somebody that there's a great affection for because of the earliest part of her career. ... This is not somebody that people want to see fail."

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