Both my brother-in-law and my "lost" partner in crime proposed this theory. I don't really like this, because it somewhat contradicts my theory about Dez and his role with the light. See "Why across the sea is about dez" theory for more. Basically that theory assumes that the "light" and the electromagnetism are the same and that MIB and dez have been exposed to the same thing, and then it outlines three ways that this could play a major role in a "final battle."
However, it was brought to my attention that when MIB went into the light, the light went out. I don't know if this was simply a representation of power going from the light to the smoke monster, or if the light literally was completely transferred from the cave to MIB. I'm pretty sure that the electromagnetism has been shown on several occasions and that this theory is contradicted in earlier episodes, but it's the type of contradiction that they might ignore. The light was shown with Desmond turning the key, with Locke being pulled towards the well by the smoke monster and saying "its beautiful," with the island time flashes, with the turning of the donkey wheel, and i believe when darma is digging into the earth. Doesn't some of it break through and then the guy from the videos says not to dig any further? If so, that would be a direct viewing of the light still being there in its same form. The locke scene is questionable because i believe he was being attacked by smokey when he saw the light, so he could have saw the light because it was there, or because it was smokey.
This would, however, explain a lot. "If he leaves. Everything would cease to exist." By all accounts they can't have the smoke monster leave, this would make a lot of sense if it's because the light is now him. Also the light has the ability for life, death, and rebirth. Think about it, life could have something to do with the pregnancies on the island, obviously the smoke monster can judge and bring death, and with sayeed, rebirth. The smoke monster has all the mirror capabilities of the light. Which wouldn't be a problem. It would be a curse for MIB like his mother said "it would be worse than death," and like smlocke once said to someone "he stole my humanity." It's a curse because MIB died and lost his humanity and now he is this all-important heartbeat of humanity that can never die or have peace, and much watch what he believes to be infested humanity constantly fighting with each other on this island. To lose your humanity to be a puff of black smoke would be cool for a week or two, but really it would be worse than death to be stuck in that state forever. It all adds up like this.
Now Desmond still plays a major role in this theory. The reason why desmond is being blasted with electromagnetism similar to the light and constantly used by widmore and his wife is because the smoke monster HAS to stay on the island for the sake of humanity. He is basically... evil restrained. But they didn't know over the centuries, he would become so smart and constantly look for loopholes to try to escape the island. They can't let that happen, so desmond has to "make a sacrifice." Here it is...
THEY HAVE TO GET RID OF SMOKEY AND MAKE DESMOND THE NEW LIGHT SOURCE. Big Sacrifice. MIB is the light and they cant let it go out, but he cant be trusted and it appears that he will eventually find a way to leave, so they found a much more trustworthy, good person and now so humanity will safe, they have to get rid of MIB as the light and somehow make desmond his "good" replacement. Jack would probably be the new protector and I could see the final scene like i have predicted, being dez and jack playing that game on the beach. Perhaps dez isnt so happy about this forced sacrifice and his final words are "im going to find way out of this" or something, mirroring jacob and mib. Perhaps, "the candidate" is actually, or also, finding a replacement for the much more important entity of MIB, who is now the light source.
The end.