Yes, the game will also use the series' signature flashbacks to give context and perhaps new meanings to Elliott's island antics, and apparently he'll need to learn from his past mistakes and apply this experience to his new home. The flashbacks are fully playable and will contain clues (and probably red herrings - but not the kind you can eat, sorry Jin) that could help you find a way off the island. Fellow castaways also pop up in flashbacks in blink-and-you'll-miss-them cameos, which could, in turn, provide new information on their backstories. As we continue to learn from the series, everyone is on the island and in other characters' flashbacks for a reason.
Back on the island, another of the show's trademarks is when characters don a backpack and set off into the jungle. Exploring the island and discovering new locations is also a big part of the game, and from the teaser trailer it looks like paths are marked by arrows on rocks and trees, although these could just as easily be misleading signs placed by the Others. You can take a closer look at your surroundings or hunt for clues at any time by switching to a first-person view, and knowing how much the show loves its cryptic symbols, we expect you'll do this a lot. It's just a hunch.