It seems to be a lot darker and more wartorn than Battlefield 2's paradisaical Wake Island.
DICE also gave some insight as to how they came up with the original Wake Island design:
"The basic premise was that we looked at how real-life Wake Island [from the Pacific Theatre in WWII] looks today. We knew we couldn’t do it to scale, but that kind of one-to-one fidelity wasn’t really of interest to us. Funny thing is, it was in fact downscaled so much due to a decimal error in programming. The map was originally meant to be bigger, but the involuntary downsizing created a very cool and concentrated gaming experience."
Wake Island is included as part of the Back to Karkand DLC, which comes free with every pre-order of Battlefield 3.
Original/source article: AusGamers.com | Wake Island Remake for Battlefield 3 Explained