All we know is it's an instanced area, involves minions and actual farming. What I worry is its availability: Will every character have a personal island? If it's limited like housing, then it may have actual decoration and customization, if it's more widely vailable, it may have some customization but probably not actual decorating.
What I want to know is if it'll be personal, or locked so you have to be in an FC to have an island and the island is the FC's property, not the individual player's.