Firstly, the island is only accessible by boat or helicopter. There is a ferry service that runs every 15 minutes, and the ride is about 7 minutes long. During peak season, there is a ferry running every 7-10 minutes.
If I recall correctly, the Island (which has it's own zip code) had the highest average income per household I think in all of the United States according the census.
To get on the island, you need to be either be a resident, an equity member ($200k), or you must be a guest of one of the two.
The island has everything you need. To mention a few things... there are 6 restaurants (with delivery for the lazy), a golf course, 18 tennis courts, private beaches, two marinas for your mega-yacht, an observatory to gaze into deep space, and a five star hotel.
Dont get excited about any wild nightlife here... The island is very conservative. You'll find the Sunset Bar, Garwood Lounge and Snooker Club all to be fine places to get a drink, but don't expect any loud music or party people.
I've been a resident for 10+ years. It's a beautiful place, and a great investment for those who can afford it. The best time to run into your favorite celebs and billionares is between December and April!
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