Comparison
With an island vs With a peninsula
An island needs roughly a metre more width than a peninsula for the same work surface.
What settles it
Take with an island if…
Choose an island if your room is at least 3.55 m across its shorter dimension, 3.95 m if two people cook together. Below that it does not add surface, it removes circulation.
Take with a peninsula if…
Choose a peninsula in a room under 3.5 m wide. Attached on one side, it only needs clearance on the free sides, gives the same work surface and the same visual break, and does not require moving plumbing.

Criterion by criterion
With an island
An island needs circulation on all four sides. It is the most requested feature and the most often impossible.
With a peninsula
A run attached rather than free-standing. Adds a surface and a visual break without demanding an island's width.
Worth knowing before you sign
Do not put both the sink and the range in the island. It concentrates all the plumbing and ventilation in a free-standing structure and drives cost up out of all proportion to the gain.
Take the next step
Talk to a designer
You have settled the choice. A designer will tell you whether it is the right one for your kitchen specifically.
Reply within 24 to 48 hours. No obligation.