According to the NY Times, it seems Jeju is planning to be the hub of Western-Style education in Korea. Good news for those with teacher's degrees looking to teach in Korea, I would think, since Jeju Island is, as everyone knows, the "Hawaii of Korea!"
My thoughts? I think this is a good thing for Korea. It will certainly be cheaper than sending your kid overseas, which Koreans do in droves. And it will certainly be better for family cohesion, since the kid could easily fly home for Chuseok, Lunar New Year, as well as summer and winter vacation. And it will most certainly be good for Korea, graduating students who speak English as fluently as they do Korean. Also, they will have some critical thinking skills that Korean students usually lack, because the education system here is so focused on rote memorization.