I really think a big pirate island is essential to a game like this. It's been great so far but I feel like, as @ZizoJK just said, theres not much else to do besides be on your ship, and the only reason to get off your ship is to pick up / hand in quests.
I think a large pirate island on a different server (much larger) would give players a chance to get a lot more immersed into the world and give them the opportunity to make friends with other players (and showing off and whatnot). Maybe have most wanted posters around for the player with the most pvp kills or something.
The way I imagine the hop from your regular server to the "big island" server would work is to have the big island somewhere in the middle of the map but have it be surrounded by fog or a storm or something. Once in the fog/storm youre taken out of our current server and put into a ,hopefully short, loading screen. Afterwards your character ends up standing on a pier or a dock and you just walk around the island and buy clothes and gear, and customize your ship, and go to the tavern.
I just think its important to add something in the game to do that isnt on the ships.