A woman mysteriously disappears on a remote island, where the waves pound the rocks.
Well, that's where similarities end content-wise, but Shutter Island uses a gorgeous visual quotation of Antonioni's L'Avventura as Leonardo DiCaprio and Mark Ruffalo's federal marshall characters look for the woman. Anyone who has seen My Voyage to Italy would know Scorsese's fascination with that film. His references also include Hitchcock and possibly Shock Corridor which I haven't seen, so it's enjoyable as always for a cinephile to watch a Scorsese movie.
Apart from references, however, Shutter Island stretches itself too long, making portions of it almost as unbearable as being locked up on an island that houses an asylum for the criminally insane. On top of that, the trailer gives away far too much information (or a sense of it anyway), ruining any possibility of a surprise. Of course it is beautifully shot and stellarly (over-)acted. But with Scorsese, I think it's fair to expect more.