Lost Island is my fav. HM, mainly because it is such a pain! I play it each night because I like the challenge, not that it's really tough but it requires a bit of teamwork and common sense.
I've had some nights with decently geared groups which after a few wipes end pretty early on, and i've had group with 1 or 2 players who have never done the FP before going through it with no wipes at all.
You also get 'All types' in HM LI. I've had the full BH healers who just havn't been able to keep people healed, I've had the DPS in Recruit Gear, the Tank who moans about there being melee in the group and quits etc. etc.
A Rakata Chest-Piece and Mainhand Weapon are good rewards, leave everything how it is please!