The island itself is located well beyond the outskirts of the Great Barrier Reef. It has no shops, no waterparks, no bars or restaurants. The only structures on Willis Island, are those of a weather station run by the Australian Bureau of Meteorology. The total population of the Island is 4, all who work at the weather station.
Willis Island is an external territory of Australia, this is why cruises that would otherwise be completely domestic, cruise to Willis Island - as they have technically visited a port outside of Australia, and can sell duty free goods.
If duty free shopping is not your thing, most cruise lines will include an informative commentary about the island and its weather station as you visit the station. The small island is also home to an abundance of marine birds including wedge-tailed shearwaters, sooty terns and common noddies and black noddies.