We plan to only rent this island in 1/4-sim parcels, and the default terraforming includes natural privacy barriers to simulate the solitude of having your own private region. The island is zoned for residential/light-commercial, which means that it's available for private or public use, so long as you keep the daily traffic score for your quarter of the sim under 14K. We do not allow the use of camping devices or traffic bots, or any other artificial means of driving up parcel traffic.
You will have terraforming abilities and all of the parcel powers available through the World > About Land options.
Parcel details: 16384m, 3750 prims, weekly L$7000 ($26.42 USD), 4 weeks L$28000 ($105.66 USD). The only "purchase price" you pay is for your first week's rent. Also, these prices will NOT be going up in January or any time in the known future.
You can find our covenant here (please note that the covenant prices are out-of-date; the correct prices, quoted earlier in this post, are lower). Note that Desperation Lancelot is a 'Phase 2' island:
http://desperationisle.blogspot.com/2007/08/covenant-update-for-desperation-isle.html
We have three parcels available at this time:
Northwest: http://slurl.com/secondlife/Desperation%20Lancelot/52/178/23/
Northeast: http://slurl.com/secondlife/Desperation%20Lancelot/191/178/23/
Southeast: http://slurl.com/secondlife/Desperation%20Lancelot/191/69/23/
A couple of pictures showing the default terraforming:
