Isolation and biodiversity (difficult for organisms to migrate to and colonise, ones that did colonise have unique niches and are mostly endemic)
Lack of mammalpredators (extremely difficult for mammals to travel to the islands)
Introduced species - rats, cats, goats etc.
Importance - oceanic islands

The high proportion of endemic species increases the possibility of the discovery of unique medicines or features that could be used in biomimetics
Threats
Exploitation of species: some island species were heavily exploited to the point of extinction such as the Dodo bird
Introduced species: lack of mammal predators meant that indigenous species weren't adapted to survive the arrival of predator species on boats
Habitat change/destruction: Urban, agricultural and tourist developments have caused habitat destruction
Sea level rise
Conservation efforts 

Usually involve attempts to stop or reverse the damaging effects of human actions. By eradicating introduced predators they have conserved endemic species.