The covenant empowers the residents to take part in how the island is governed; when there is a problem the Sentience Advisory Council weighs in. The covenant allows purely residential plots - and has divisions between.
And the community has already started! Great people who are enjoying Sentience are already there - and you can be a part of it. Plots come in 1024m sizes, but can be joined for your needs.
Since 1/3 of the island is a common area for use by residents (and to reduce lag and allow space between plots), land prices are a little more expensive (13000L/1024m, negotiation possible for smaller lots). But you're not just getting a plot. You're getting much, much more.
Stop by Sentience today - and be tier free until the first of the next month - you pay tier in advance.

Sentience: http://slurl.com/secondlife/Sentience/97/127/25