Aircraft could stage to forward areas. Long-range bombers could base there (I honestly have no idea if the runway there is long enough or could be made long enough--but transport planes can land there) to free up space on closer fields for shorter-range planes. Supplies could be staged through the island and stored there. Perhaps we could base mobile offshore bases there to augment the small amount of land area. And tenders for subs and littoral combat ships to conduct some repairs and resupply.
Of course, if the island can be scraped clean as it just was (tip to Instapundit), how safe is this idea?
Super Typhoon Ioke has made a direct hit on Wake Island, pounding the tiny U.S. Pacific territory with catastrophic winds of up to 300 kilometers an hour.
Ioke is the strongest central Pacific typhoon in at least 12 years. Forecasters expect the "monster" storm to submerge Wake Island and destroy everything on it that is not made of concrete.
Sure, we haven't had to evacuate the place in thirty years, but still.
On the other hand, if Wake can be hit, so can the far more important Guam. So maybe configuring Wake as a far less capable back up is prudent, despite the risk.
Oh, and build everything with concrete. Just in case.
