LAST is a single data point and such probably isn't a good value to read or graph for monitoring purposes as it could be an anomalous result. As a for instance, if monitoring CPU use generally or of a particular process you take the "LAST" reading that reading could be taken during a sudden short burst of activity during an otherwise quiet reporting period.
AVERAGE is usually a much more useful reading for monitoring purposes, if the reporting period is not too high, with MIN and MAX providing upper and lower bounds which are useful for more detailed analysis (the average of a given reading will not be right in the middle of MIN and MAX in most cases).
AS icantbelieveitsnotlinux suggested before me, the RRDTool documentation should help you better understand how collectd stores your data.