If enough people could be gathered, I would be willing to pay the upfront costs of acquiring an island, and residents would pay only the equivalent mainland tier prices for 2,048 sq m ($15/month) or 4,096 sq m ($25/month) plots of land.
Here's what the "default islands" look like, from Linden Lab's "Land: Island's" information page. However, the cool thing is that you can custom design every aspect of the island, as well, submitting an appropriately designed terrain file. Still, the default islands are a good place to start:




My personal tastes run towards having access to water, gentle rolling green hills, and perhaps, if possible, a steep drop-off someplace for a bit of a dramatic look.
Although terraforming would be available, it'd be nice if the island started with a general terrain format that would be acceptable enough that terraforming changes would be more "tweaks" and less "drastic," because drastic changes might impact on neighbor's build plans.