In today's lesson, we are embarking on an exploration of the powerful statistical model known as Linear Regression. While venturing into the realms of machine learning, we will dissect the foundations of linear regression, implement it using the library sklearn, and apply it to the Iris dataset. We will then visualize these fascinating results using matplotlib. Keep your explorer spirit high, for by the end of this journey, you'll be well versed in understanding, implementing, and interpreting Linear Regression using Python and sklearn.

Linear Regression is a pillar of many machine learning algorithms, and hence, understanding it acts as a stepping stone towards grasping more complex statistical approaches. Get ready to turn the wheels of your mind and dive right in!

Linear Regression is a prime tool in a statistician's toolbox, intended to decipher the relationship between two or more variables. To break it down into simpler terms, imagine you are an explorer observing a sunrise. You realize that, the higher the sun rises in the sky, the brighter it gets. This scenario is a simple example of linear regression, where the height of the sun (an independent variable) and the brightness (a dependent variable) share a linear relationship.

Though it is a powerful tool, it does not conform to every scenario in real life, posing a limitation. Unlike brightness being a linear aspect of a sunrise, improvements in an athlete's performance do not strictly depend on training hours. Factors like nutrition, rest, and mindset also contribute substantially. Despite its limitations in some scenarios, Linear Regression, given its simplicity and efficiency, is widely used in areas like economics, computer science, and business.

Meet sklearn, a highly efficient Python library that provides robust tools for machine learning and modeling, including Linear Regression. The class comes with a multitude of methods like for training the model on data, for making predictions, and many more. Let's apply it to the Iris dataset.