And you get to take a book - not counting the Bible and Shakespeare which are automatically provided - and one luxury object, which can't be useful (eg not a tent or a hatchet etc).
There used to be an unlimited supply of needles, to go with the wind up gramophone, but these days the idea is you'd have a solar-powered record/CD player.
When you get to go on Desert Island discs it means you have really arrived. It's much higher prestige than a peerage.