I think Southwest can do for Islip what it did for BWI. Flights between BWI and STL went from a minimal amount of traffic between them to now one of the top 15 U.S. market pairs in terms of passengers flown in the US.
BWI has those low cost flights to all Southwest markets and what's even better, our favorite carriers usually match Southwest fares to stay competitive.
Tomorrow I'm on a STL to LGA flight that costs around $900 walk-up on all carriers. The STL to Islip flight (although it will require a hub to connect me) will be $340 refundable. Is it worth a 75 minute drive? My experience at BWI says so. I know people who drive 2 hours from Philadelphia to get the lower fares when they fly out of BWI.
Although I probably won't fly Southwest that often, I will fly any competitor that matches their fare. I am grateful Southwest exists or I would pay fares equivalent to my friends in MSP or CLT.
My advice? Buy land around that airport.