Best Answer - Chosen by Voting
I found a very helpful answer in Yahoo answers:
Latest can have several means. One is the newest instance of something. "He couldn't wait to go out and buy the latest iPhone from the Apple store."
Latest can also sometimes be a direct synonym of last. "She arrived at the latest possible hour." means the woman arrived as late as possible.
Last can mean any of the following: 1. The final item in a line, list, sequence or group. "He finished eating the last cherry." 2. To continue, go on or endure... "The bridge was weak, but it only needed to last another week and they could tear it down." 3. The most recent or next before the present. "I got a call from the doctor last week."
Source: http://answers.yahoo.com/question/index?qid=20110912200547AAF3X5R
