the island is Yggdrasill by tylernol

although the island has had many egyptian influences -- the hieroglyphics, the statues, etc, I think there have also several subtle hints at a Norse mythology as well, that of the Yggdrasill /world tree, which may better explain the island's purpose.

http://en.wikipedia.org/wiki/Yggdrasil

"around the tree exist nine worlds". --so the island is a anchor between different worlds/realities. We have seen that.

The tree has three roots anchoring into other locations/worlds. There is a dragon named Níðhöggr imprisoned in the world tree "eating" the roots and trying to escape.
--This is the smoke monster/MIB.

what are the roots?

Niflhel / Hel /world of the dead. This is the swan station/magnetic anomaly. it was imploded. Check.

Niflheim -- world of ice. That sounds like the chamber of the orchid station / frozen donkey wheel. MIB/Níðhögg got Locke and Ben to turn the wheel. Check.


2/3 ...

Muspelheim - world of fire. Sounds like the volcano?? This is the last piece perhaps.
When it is detonated, the island sinks and Níðhögg is free. Makes sense that he wants to go to the Hydra island.

also of note is the Urdarbrunnr, the well /spring where the fire and the ice met and created water.. Perhaps this is the temple spring.