This isn't an all-inclusive theory, but a few thoughts:
1 The concept of the "Others" (Ben's people) was inspired in part by Ayn Rand’s “Atlas Shrugged”. They are a sect of brilliant people, brainwashed and funded by the Hanso Foundation, who have decided to abandon a world they feel is unsalvageable and start a new society.
In "Atlas Shrugged", all of the great minds begin to disappear from society, only to be found living in their own little city that is hidden from view by some sort of natural optical illusion. Oh, and how was their hidden city found by the main character, Dagny? Her plane crashed there.
2. The island is real (not in the Artic, or time warp/alternative dimension), but is hidden from view by some sort of natural “Bermuda triangle” phenomena, and it becomes visible only when the electromagnetic anomaly occurs.
Consider this: during one of the anomalies, the island became visible and, by chance, ripped a plane out of the sky that just happened to be flying overhead. The next time it occurred, it became visible and showed up on the researcher’s equipment.
3. There is another sect of violent people on the island, and the "Others" that we know now are just a bunch of kooky cultists who are funded by the Hanso Foundation. Perhaps these are other people who have been trapped there (Bermuda triangle victims) who have gone insane? Remember that there were references to WWII-era items on island.
OK, there it is - tear it apart!
Theory by Jimmy C