I'll try to help:
Chronic loss of the L2-L5 vertebral body heights -- This is no doubt due to degenerative disc disease. This happens as we age, and everyone gets it. Some of us get it sooner than others. What happens is the discs dry out. When that happens the discs flatten, and then tend to bulge and/or herniate. When they flatten, so you lose disc height. You even become shorter as this continues since this is a degenerative disease.
At L1-2 - Moderate spinal canal stenosis & disc bulging. The stenosis is NOT due to discs bulging. The stenosis is a narrowing of the spinal column, putting pressure on nerve roots and can cause sciatica, etc.
Hypertrophy of the ligamentum Flavum -- that is overgrowth of a series of ligaments of hellow elastic tissue connectinglaminae of adjacent vertebrae from axis to sacrum. Right side foraminal narrowing -- the foramen is the hole in which the nerves pass thru to get to the spinal cord.
L3-4 - Disc bulge
L4-5 -Spinal canal stenosis, disc bulge, hypertrophy of ligamentum flavum, facet disease (Probably arthritis or osteoarthritis) and disc protrusion; mild narrowing of the lateral recess which may cause impingement of the L5 nerve root.
L5-S1 - with central to right disc protrusion and annular tear. An annular tear is the fluid filled sac that the disc sits in.
What is the plan of action that your Neurosurgeon suggests?? Since you have drop foot in both feet, what is he going to do? Have you gotten any other opinions? BEFORE you decide to undergo any surgery, get AT LEAST 2 more opinions, as surgery should be a LAST RESORT!!! Chances are good that physical therapy could help you immensely!!! Do NOT jump at okaying surgery before you have researched completely what the surgeon is going to do, and before you have gotten 2 more opinions, because surgery does NOT relieve pain. Surgery is ONLY to fix mechanical problems. Almost always, after surgery you are left with the same pain or worse. And you are never the same after surgery, so make sure you do your homework.
I wish you the very best. Please keep us posted on what happens, will you? We'd really like to know!! God bless and please take care. Hugs, Lee