Smith Island was so named because of the unusual landform that is the planet's most distinctive feature. Some time around 30 million or so years ago, a massive asteroid impact formed a crater covering almost a quarter of a hemisphere. This blast left a central peak in the crater, now surrounded by an ocean that fills the rest of the crater, thus forming a vast island. All of the surface water now drains into this ocean, making the planet look like a giant eyeball when seen from space.
The climate of the island (also referred to as Smith Island) is temperate. The first explorer, Jebedon Smith, landed there first and found a perfect colonisation world. Unfortunately, he then ventured on to the rest of the planet and met an untimely and gruesome end.
In all, the forests of Smith Island are extremely unpleasant and dangerous. Luckily for potential colonists, the asteroid impact produced a sterile landmass in the middle of a vast ocean. In 30 million years, no plant species have managed to cross the ocean, so Smith Island remains a haven for human and imported plant and animal life.
As a safety precaution, no flying creatures or creatures capable of swimming across an ocean have been imported. Trees are not planted near the ocean, lest they produce driftwood or floating seeds. (Native trees and seeds are all denser than sea water.) So far, the precautions have worked.
Smith Island imports those products which its strict quarantine laws do not allow to be produced locally. These include food derived from birds, seafood, silk, honey, and other such products.
Laws are strict on Smith Island, partially because they have to be to preserve the planet's inhabitability, and partially because the system of government has entrenched the need for control. Weaponry is regulated, with only light sidearms permitted on the island. Regulation on the mainland is of course virtually unenforceable.
Although freedom of the media and of speech is somewhat restricted, most of the population are reasonably happy with the quality of their lives, which are in fact on par with most other planets. There are some minor voices of dissent, but nobody expects a revolution in the foreseeable future.