The nucleation and growth of two-dimensional islands is studied with M
onte Carlo simulations of a pair-bond solid-on-solid model of epitaxia
l growth. The conventional description of this problem in terms of a w
ell-defined critical island size fails because no islands are absolute
ly stable against single atom detachment by thermal bond breaking. Whe
n two-bond scission is negligible, we find that the ratio of the dimer
dissociation rate to the rate of adatom capture by dimers uniquely in
dexes both the island size distribution scaling function and the depen
dence of the island density on the flux and the substrate temperature.
Effective pair-bond model parameters are found that yield excellent q
uantitative agreement with scaling functions measured for Fe/Fe(001).