Hi Simon!

> http://www.vikinganswerlady.org/scotland.htm#Faroes (in particular the
> bit Vikings in the Faroe Islands bit)

That's a good one - you even get a map :-)

From the map you can see some more changes from Old Norse
to Modern Faroese:

Austrey > Eysturoy

/au/ > /ey/ (this always happens)
/ey/ > /oy/ (this too)

Like Icelandic Faroese developed a 'u' to break
up clusters like 'austr' (east).

Old Norse: austr
Icelandic: austur
Faroese: eystur

Another island name showing this new 'u' is
'Hestur' (Horse).

Old Norse: hestr
Icelandic: hestur
Farose: hestur

The declension of the word is mostly intact too:

Old Norse: Óláfr á hest. Hestrinn er góðr.
Icelandic: Ólafur á hest. Hesturinn er góður.
Farose: Ólavur á hest. Hesturin er góður.

Kveðja,
Haukur