http://lostpedia.wikia.com/wiki/Black_hole_%28theory%29

The island would not have to be near or in a black hole - all that would be required is a localised curvature of (Minkowski...) spacetime resulting from general relativity (http://en.wikipedia.org/wiki/General_relativity) or effects (including time dialation) from special relativity (http://en.wikipedia.org/wiki/Special_relativity) - commonly formulated in Minkowski spacetime (http://en.wikipedia.org/wiki/Minkowski_space). This would be better named 'Curved Spacetime Theory'.

Numerous references to Stephen Hawking's book, A Brief History of Time, throughout the show. In a black hole, time is severely dilated (i.e. a day in a black hole may be a year from our frame of reference) and once you have crossed the line between the universe and a black hole, there is no escape. The theory suggests that those in control of the Island have created a sort of black hole-like environment to work on whatever it is they are working on and protect it from outsiders.
edit Pros

* This would explain the notion that time moves differently on the Island than it does in the real world. See also Time on the island (theory).
* Naming a character Minkowski (see http://en.wikipedia.org/wiki/Hermann_Minkowski) is an obvious allusion to relativity theory.
* Relativistic effects would explain the time dilations observed between the freighter and the island. It would explain why the rocket required an extra 31 minutes and why the helicopter arrived at a different time. Those on the island and those on the freighter would have a different perception of time (as stated) under either special or general relativity.
* Time dilation due to general relativity would also explain the requirement for a precise bearing to the freighter - the bearing may be the point of least curvature of spacetime and hence least time dilation. By leaving on a different bearing, one could end up returning to the same point in space due to the curvature - even though from ones perception a straight line was followed (as Desmond did) - or even arrive at a different point in time (past or future). This could also explain the extra numbers required for the bearing.
* This may explain Locke's references to a bigger, older Walt -if Ben gave an incorrect heading (the correct one being the 305 bearing to the freighter), leading to Walt arriving back at the island aged due to time dilation or in the past, before the crash.
* It would also explain the difficulties of outsiders in reaching the island without careful experimentation into (such as the rockets) the spacetime effects. The Black Rock log may contain a map to reach the island to avoid such problems.
* Relativistic time dilation can also only occur for object with mass. Radio signals traveling at the speed of light are not affected - hence the phone remains operational.
* The naming of a character Minkowski is a clear pointer to relativistic spacetime.
* The show has referenced A Brief History of Time more than once.
o Aldo, in "Not in Portland", is highlighting the part of the book that discusses black holes in depth
o Ben, in "The Man from Tallahassee", has a copy of the book next to his bed.

* Minkowski Spacetime is the most common frame of reference for spacetime, with three physical dimensions and a single time dimension, and it is used in general relativity. Closed timelike curves (CTCs) existing in Minkowski space explain many of the mysterious features of the island (why it can't be found/seen, etc.). CTCs were linked to the Lost universe through clues from the ARG Find 815.
* The Dharma Initiative allegedy want to give the human race a longer lease on life, now that the Valenzetti Equation has shown the mathematical probability of species-exterminating disaster to be far sooner than we would like. They decide to use a rotating black hole to accomplish time travel, in order to change the past so that humanity's future can be brighter. The Island, under this theory, would be the outer shell of a kind of gigantic Faraday chamber or Penning trap1, only with the ability to cut off the hole gravitationally as well as electromagnetically from its otherwise immediate environment (this is assuming they're going the Farday route, since Michael Faraday attempted to find a unification theory for EM and gravity). That way they could run smaller scale experiments on the the black hole in a more controlled way.
* Swan in latin is Cygnus. Cygnus was the name of the spaceship in the film "The Black Hole2" which was in stationed above a black hole, and eventually entered it.

edit Cons

* At the speeds of the rocket or the helicopter special relativity would be insufficient to explain the time dialation - the actual effect would be fractions of a second, not minutes. However, in curved spacetime (general relativity) these times would be possible - general relativity simply requiring a large gravitational field, not necessarily a black hole.
* An observer traveling along a curved spacetime would not notice any sudden time dilation or change in perception of space (such as the storm that the helicopter had to pass through to reach the ship), but rather would experience a gradual slowing of time when compared to an external observer's watch. Note that this does not hold for an event horizon, but were the island within an event horizon, light would not be able to escape, and radio communication (such as the satellite phone) would be rendered inoperational.
* Would not explain The Monster.
* Would not explain The Whispers.
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http://lostpedia.wikia.com/wiki/Black_hole_%28theory%29

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