Hi,
Here’s my contribution :).

Started with two lights and the default camera.
The island geometry was created with Image2Mesh. The ocean layer is an Ubershape plane.
I made the sea black and made the island luminant white. A second camera was added and looks directly down on the island and ocean. The image rendered from this camera was used for several camera maps. The image was first blurred in Photoshop so that the edges are soft and extend slightly out from the original island outline. The image is then applied as transparency (strength: 0.51) and diffuse (strength: 0.14) camera maps, projected from the second camera. These maps were applied to the ocean object.
A third camera was duplicated from the second one. It was used to camera map the island object with a green texture created in Photoshop.
The ocean was then textured using a master material I normally use.
The island was textured with some Konkeptoine shaders (where a modified version of the black and white image from the second camera was used to taper off the textures reactively). So as the Konkeptoine shaders taper off as we get to the centre of the island, the camera mapped Photoshop texture takes over.