There Can Be Only Once by One Giant

The Island is Jacob
Like all things, E=MC^2 poses the mass-energy relation, the Island is strictly a product of a specific exotic energy named Jacob. I believe Jacob is an ancient being who has shed a significant portion of his energy to become as human as possible, yet still maintains the audacity of immortality. After forming the Island, the Temple, the FDW, and a grand statue of Taweret, he hid his bundle of godly essence beneath the network of tunnels he arranged as a home for the Smoke Monster and entered into a fantastically mundane life. Imagine how bored you'd get if you could instantly create all the fish you could eat...now consider what you'd be missing if you never caught a fish with good old human ingenuity...pretty cool right? Jacob reveled being human so much that he took steps to encourage the Smoke Monster to also practice taking human form, but unfortunately Smokey would be limited to only taking the form of the Dead. Obviously, since Ben's encounter with Smokey beneath ! the Temple the Ancient Egyptian Myths take up greater residence in the story, but there's too much more going on to just stop there.

Smoke Monster in Rehab
I want to think Jacob considered Smokey to be the sort of “prisoner” that could be rehabilitated and that leads me to the Man In Black (Smokey)'s question on the beach “Do you know how much I really want to kill you right now?” That's the sort of question an inmate would ask his warden, right? I have other considerations about their relationship: 1) Perhaps Smokey's seeking revenge out of spite for being imprisoned on the Island for so long, or 2) Perhaps Smokey has some kind of Frankenstein-destroy-its-creator instinct, or I especially like 3) Perhaps it's an Oedipus-complex thing. Let's see, Jacob creates Taweret statue paying homage to the Goddess that was once his wife, but she was also Smokey's mother...

Every party needs a Fountain
Jacob created the Temple to contain the spring of eternal life and a number of devotees to protect it from those who might abuse it. He created the FDW as a means to go back in time, probably to have his Egyptian friends in 14th century BC drop in for a weaving session or to allow Smokey some conjugal visitation. I get the idea that the Temple has a little bit of everything going on and that the WoL is bigger than any religion. This is a very sacred place and a gift to mankind, not to mention very useful if you need to prevent or undo any accidental deaths. For all we know it's the one thing that can destroy Smokey.

I seriously doubt anything I've said hasn't already been said by someone else, but I got one zinger thought that might count as it applies to the alternate universes and time line business. I've been thinking lately about something that comes up a lot: Smokey as an agent of Judgment. I keep wondering what standard he uses to weigh his judgments against and the “weight of a heart compared to that of a feather” just doesn't cut it. I prefer to think the standard is peoples choices as they apply to a design in a single sacred universe.

There can only be Once
There exists one primary universe, and then as many sub-fractal alternate mini universes needed to maintain the primary in perfect order. To jeopardize that perfect order is the single most punishable act and for the gods this is the standard. Jacob keeps this rule by finessing time and space through the use of alternate universes. By creating a temporary copy of the universe, he is allowed to draw from it resources to replace or repair individuals who have made choices or been coaxed to tamper with the perfect order. (Wait, am I just quoting something from Dr. Who? Ah sh!t) Anyways, Smokey does go around stomping and slamming folks without much rhyme or reason. I thought he killed the pilot (Seth Norris) from the first crash because he would be the first person to blame for bringing new people to the Island, but then I got to thinking maybe that pilot is accountable for making choices that could threaten the perfect order, so bringing a bunch of people to the Island ! who ultimately have a huge impact on events such that Jacob needs to pull out all the stops to patch things up, yeah, just snuff the pilot, now that delivers a sense of justice, eh? This all might seem a bit flimsy but just line up each person who's been smoke-slammed and consider the perfect order thing. It beats thinking Smokey just has it in for anyone who doesn't drive a Taxi.

So how about the White vs. Black, Jacob vs. MIB (Smokey) theme? MIB seriously misjudged Jacob's resources and in wanting to find a loophole (Benjamin's choice to knife Jacob to death), he expects that now with the warden dead, he can go home, but I suspect Jacob was also protecting Smokey from the world. As antisocial as MIB seemed about the Black Rock sailing in the distance, I'm sure he'll love being in a busy city. Who knows, maybe MIB ends up calling New York City home and gets a job as a Taxi driver.

I end with this final thought on my theory which really rests on some kind of Egyptian myth theme. I think the story is trying to tell us what had happened to all the old gods of polytheism as the monotheistic systems gained favor. I think Jacob represents an evolution of this energy into its final pantheistic form. Note the tapestry he wove and hung in his room in the statue: a symbol for Aten, the One god, unifying all others. Jacob exists not so much as an exclusion to the world, but as a preservation of a concept that everyone can connect with irregardless of the various religions. I haven't put this out there yet, but Smokey might only be Jacob's pet and reminder of the diversity that the gods once were. Knowing that Smokey would eventually break free, I think Jacob hid an ace up his sleeve, that being Walt who in my mind is the one sure bet to put Smokey out of action.. Walt is basically an avatar of the Egyptian god Horus. That's all I got.